Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a constructive meeting with representatives of S&P Global Ratings on the sidelines of the World Bank–IMF Spring Meetings 2026
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During the meeting, the Finance Minister confirmed that Pakistan has successfully concluded a Staff-Level Agreement with the International Monetary Fund (IMF), with approval by the IMF Executive Board expected shortly, paving the way for the disbursement of the next tranche under the programme.
Senator Aurangzeb informed that Pakistan has met its external obligations in a timely manner, including the repayment of USD 1.4 billion on its Eurobond during the current month. He also highlighted additional financial support from the Kingdom of Saudi Arabia, including a USD 3 billion facility and the extension of an existing USD 5 billion deposit from an annual rollover to a three-year term through 2028, further strengthening the country’s external position.
The Finance Minister noted that Pakistan has successfully re-entered international capital markets with the launch of a Eurobond through private placement after a gap of four years, priced at just under 7 percent, reflecting renewed investor confidence in the country’s macroeconomic trajectory.
He outlined Pakistan’s medium-term Global Medium Term Note (GMTN) strategy, which envisages diversified issuances across multiple instruments, including Eurobonds, Sukuk, and rupee-linked, dollar-settled bonds, aimed at broadening the investor base and mitigating foreign exchange risks.
Senator Aurangzeb also briefed S&P Global on progress towards Pakistan’s inaugural Panda bond issuance, noting that regulatory submissions have been made and approval from the National Association of Financial Market Institutional Investors (NAFMII) is awaited.
On the evolving regional situation, the Finance Minister highlighted the Government’s focus on managing the immediate economic impact through measures to secure energy supply chains, optimize pricing and logistics, and provide targeted digital subsidies to vulnerable segments of the population.
Concluding the meeting, Senator Aurangzeb expressed confidence that Pakistan’s improved macroeconomic fundamentals and continued reform momentum present a strong case for a rating upgrade.
