Pakistan's Finance Minister Muhammad Aurangzeb announced that Pakistan will access Chinese capital markets for the first time through a yuan-denominated bond, where the bond will be backed by the Asian Development Bank and the Asian Infrastructure Investment Bank. The finance minister also mentioned the recent releases of about US$1.32 billion in fresh funding by the International Monetary Fund and Pakistan's efforts to weigh various options, including Eurobonds from other countries and commercial debt, to replace and manage its foreign reserves until Saudi Arabia provided US$3 billion in additional support.
Pakistan Finance Minister Muhammad Aurangzeb speaks during an interview with Reuters at his office in Islamabad, Pakistan, on July 19, 2024. Pakistan is expected to access Chinese capital markets for the first time through a yuan-denominated bond next week, Finance Minister Muhammad Aurangzeb said on Saturday .
"God willing, next week you will hear good news that for the first time, we will be accessing Chinese capital markets through Panda bond," he said at a press conference. The US$250 million issue, the first of a planned US$1 billion programme, will be backed by the Asian Development Bank and the Asian Infrastructure Investment Bank.
Aurangzeb said Pakistan's economy was showing signs of recovery, including rising exports and remittances, despite the war in Iran and closure of the Strait of Hormuz placing massive strain on the country, which relies heavily on imported fuel and gas. The finance minister's comments follow the release of about US$1.32 billion in fresh funding by the International Monetary Fund from two loan disbursements under two ongoing programmes.
Pakistan was weighing Eurobonds from other countries and commercial debt to replace a US$3.5 billion facility from the United Arab Emirates and manage its foreign reserves until Saudi Arabia provided US$3 billion in additional support to bridge the multi-billion-dollar gap in its finances.
Please follow us on Google to support usPakistan Finance Chinese Capital Markets Panda Bond US$250 Million International Monetary Fund Asian Development Bank Asian Infrastructure Investment Bank Banking Options Foreign Reserves
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