Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, addressed the Citi Macro Forum, attended by institutional investors.
The Finance Minister confirmed that a Staff-Level Agreement had been reached for the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), with approval by the Executive Board of the International Monetary Fund (IMF) anticipated in early May.
Describing the Middle East crisis as one of the largest supply shocks in recent history, the Finance Minister outlined the Government’s response across three stages, including measures to address first-order effects and ongoing coordination with the State Bank of Pakistan on second and third-order impacts.
He expressed deep appreciation for the financial support extended by the Kingdom of Saudi Arabia.
The Finance Minister confirmed the launch of Pakistan’s Global Medium-Term Note (GMTN) programme, noting that requests for proposals (RFPs) for lead managers are being issued across three segments: Eurobonds, Islamic Sukuk, and a first-ever dollar-settled, rupee-linked bond.
He further informed participants that Pakistan’s inaugural Panda Bond issuance is targeted for May, following the signing of counter-indemnity agreements with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
Reflecting on lessons drawn from the current crisis, the Finance Minister highlighted the importance of building strategic petroleum reserves and accelerating the transition towards renewable energy.
He also flagged emerging opportunities, including a surge in transit volumes at Karachi Port and the potential for renewed momentum in developing Gwadar as a strategic trade corridor.
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