ISLAMABAD, July 21, 2026(Ghufran): The Government of Pakistan has announced the appointment of consortiums of leading international financial institutions for its Global Medium-Term Note (GMTN) Program and International Sukuk Program, marking a significant step toward strengthening the country’s access to international capital markets and diversifying its external financing sources.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb made the announcement during a virtual meeting from Washington, D.C., with the senior leadership of the selected consortiums, formally launching the Government’s strategic partnership with the international banks.
The appointments follow a competitive procurement process conducted in accordance with the Requests for Proposals (RFPs), ensuring transparency and adherence to established evaluation criteria.
The selected consortiums are:
Eurobonds: Standard Chartered Bank, Citibank N.A., Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited.
International Sukuks: Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank N.A., Emirates NBD Capital, and Mashreq Bank PSC.
PKR-Denominated USD Settled Bonds: Standard Chartered Bank, Citibank N.A., and Deutsche Bank AG.
The consortiums have been appointed for a three-year term and will support Pakistan’s sovereign capital market issuances through both conventional and Shariah-compliant financing instruments. Following the completion of all required documentation and regulatory formalities, the Government intends to undertake market issuances as financing needs arise, in line with its medium- and long-term financing strategy.
The Ministry of Finance emphasized that the appointments are part of a broader, long-term strategy to establish a diversified, resilient, and sustainable external financing framework rather than a one-time initiative. The inclusion of MUFG Securities Asia Limited and Mashreq Bank in the consortiums for the first time also reflects Pakistan’s expanding engagement with leading global financial institutions.
The Government highlighted that Pakistan’s renewed engagement with international capital markets is underpinned by an improving macroeconomic outlook, supported by sustained fiscal consolidation, stronger external buffers, improved debt sustainability indicators, and continued implementation of structural reforms. These developments have strengthened investor confidence, as reflected in the narrowing of Pakistan’s sovereign credit spreads and improving market perception of the country’s economic fundamentals.
The Government reaffirmed that its objective extends beyond raising financing to building a diversified, market-based funding platform that broadens the investor base, lowers financing costs, and enhances Pakistan’s long-term presence in international capital markets.
The Ministry of Finance welcomed the selected consortium banks and expressed confidence that the strategic partnerships would contribute to the successful execution of Pakistan’s future sovereign capital market transactions while supporting the country’s long-term economic growth and financial stability.