Government announces consortiums of int’l banks for GMTN, International Sukuks Programs

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Tuesday held a virtual meeting with international banking consortiums, marking the commencement of the government's strategic partnership under Pakistan's Global Medium-Term Note (GMTN) and International Sukuk programmes

ISLAMABAD, (APP - UrduPoint / Pakistan Point News - 21st Jul, 2026) Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Tuesday held a virtual meeting with international banking consortiums, marking the commencement of the government's strategic partnership under Pakistan's Global Medium-Term Note (GMTN) and International Sukuk programmes.

“Following an evaluation process conducted in accordance with the criteria and procedures prescribed in the Requests for Proposals (RFPs), the government of Pakistan has successfully concluded the competitive procurement process for the appointment of consortiums of international banks under its Global Medium-Term Note (GMTN) Program and International Sukuk Program,” said a press release issued by finance ministry here.

The government also announced the selection of international financial institutions for the consortiums managing Pakistan's external financing programmes.

These include, the Eurobonds consortium which comprises Standard Chartered Bank, Citibank N.A., Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited while the International Sukuks consortium includes Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank N.A., Emirates NBD Capital and Mashreq Bank PSC, while the consortium for PKR-denominated USD-settled bonds consists of Standard Chartered Bank, Citibank N.A. and Deutsche Bank AG.

The consortiums have been appointed for a period of three years and will support Pakistan's sovereign capital market issuances across both conventional and Islamic financing instruments.

Upon completion of the required documentation and fulfillment of all applicable formalities, the government intends to utilize these structures for frequent issuances, as and when required, in line with its financing strategy.

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This selection is not a one-off event, but rather part of a structured and ongoing process aimed at establishing a stable, diversified, and sustainable external financing framework for Pakistan. The first-time inclusion of MUFG Securities Asia Limited and Mashreq Bank further broadens Pakistan's engagement with leading international financial institutions.

Pakistan's re-engagement with international capital markets is supported by the country's improving macroeconomic environment, the press statement added.

It said, sustained fiscal consolidation, the rebuilding of external buffers, strengthening debt sustainability indicators, and the continued implementation of structural reforms have collectively reinforced investor confidence and reinforced Pakistan's economic credibility.

The positive reassessment of Pakistan's improving macroeconomic outlook is also evident from the significant compression in sovereign credit spreads, with market pricing increasingly reflecting stronger underlying credit fundamentals and confidence in the country's reform trajectory.

The government's objective extends beyond raising financing to developing a diversified, market-oriented funding platform that broadens the investor base, optimizes financing costs, and strengthens Pakistan's long-term presence in international capital markets.

“The Government of Pakistan welcomes the selected consortium banks and looks forward to working closely with them in supporting the successful execution of Pakistan's sovereign capital market transactions,” it added.