ISLAMABAD: A consortium of international banks formed to support Pakistan’s Global Medium Term Note (GMTN) and Sukuk programs so that to strengthen the country’s access to the World capital markets.
In this connection, Finance Minister Muhammad Aurangzeb held a virtual meeting from Washington with senior executives of leading international banks to discuss measures for expanding Pakistan’s presence in global financial markets.
Under the newly announced arrangements, the Eurobond consortium comprises Standard Chartered, Citibank, Deutsche Bank, Emirates NBD Capital, and MUFG.
The International Sukuk consortium includes Standard Chartered, Dubai Islamic Bank, Citibank, Emirates NBD Capital, and Mashreq Bank.
The ministry also announced that Standard Chartered, Citibank, and Deutsche Bank have been selected to manage Pakistan’s rupee-denominated, US dollar-settled bond programme.
This appointment is for a three-year term and will assist Pakistan in accessing international capital markets. Moreover, it will issue Eurobonds, Sukuk, and other international debt instruments as financing needs arise. Improving economic indicators, fiscal discipline, and ongoing structural reforms have strengthened investor confidence in Pakistan’s economy.
Read also: Finance Minister presents Pakistan Economic Survey, claiming 3.7 percent growth in GDP
