The Government of Pakistan has selected seven international banking institutions to support its upcoming Eurobond, international Sukuk, and PKR-denominated dollar-settled bond programmes as part of efforts to strengthen access to global capital markets.

Finance Minister Muhammad Aurangzeb announced the development during a virtual meeting with senior officials of the selected banks from Washington, D.C.

The selection followed a competitive evaluation process under the government’s Requests for Proposals (RFPs) for appointing consortiums under Pakistan’s Global Medium-Term Note (GMTN) Programme and International Sukuk Programme.

The appointed banks will assist Pakistan in arranging future sovereign debt issuances through conventional and Islamic financing instruments over the next three years.

The selected institutions include:

Eurobond Programme:

• Standard Chartered Bank
• Citibank N.A.
• Deutsche Bank AG
• Emirates NBD Capital
• MUFG Securities Asia Limited

International Sukuk Programme:

• Standard Chartered Bank
• Dubai Islamic Bank PJSC
• Citibank N.A.
• Emirates NBD Capital
• Mashreq Bank PSC

PKR-denominated USD-settled Bonds:

• Standard Chartered Bank
• Citibank N.A.
• Deutsche Bank AG

The Finance Division said the arrangement is designed to create a long-term financing platform rather than support a single borrowing transaction. The government plans to use the framework for future market issuances whenever required, after completing necessary documentation and formalities.

The move also expands Pakistan’s engagement with global financial institutions, with MUFG Securities Asia Limited and Mashreq Bank included in the country’s financing structure for the first time.

According to the Finance Division, improved fiscal management, stronger external buffers, better debt sustainability indicators, and ongoing reforms have helped improve investor confidence and contributed to a decline in Pakistan’s sovereign credit spreads.

The government said the objective is to diversify funding sources, broaden the international investor base, optimise financing costs, and strengthen Pakistan’s long-term presence in global capital markets.