The government plans to renew its Global Medium-Term Note (GMTN) and Sukuk TCI programmes for three years to raise funds from international markets.
As per documents shared by the Finance Division’s debt management office, the government aims to tap multiple international instruments, including Eurobonds, international Sukuk and PKR-denominated international bonds settled in USD.
“The timing of the issuance of instruments shall be dependent on prevailing market conditions as so advised by the selected transaction advisors,” read the document.
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The Finance Division plans to engage three consortia comprising: (i) for the issuance of Eurobonds and/or other international bonds under the GMTN Program; (ii) for international Sukuk issuances under the Sukuk TCI Program; and (iii) for PKR-denominated, USD-settled international bonds.
It said that the engagement is subject to the Government of Pakistan’s funding requirements, and the size of each issuance will depend on market conditions at the time of execution.
“The selected consortia are expected to structure, advise, manage, coordinate and execute the whole range of activities associated with the programs,” it said.
As per details, consortium-1 shall comprise up to five conventional international financial institutions appointed as joint lead managers/underwriters and bookrunners for the issuance of Eurobonds.
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The consortium shall be jointly responsible for structuring, pricing, underwriting, syndicate management, investor outreach, roadshows, book- building, and allocation, ensuring broad international distribution and high-quality order books.
Meanwhile, consortium-2 shall comprise up to five international financial institutions, including at least one international Islamic financial institution, appointed as joint lead managers/underwriters and bookrunners for the issuance of international Sukuk.
The consortium shall be jointly responsible for structuring, pricing, underwriting, syndicate management, investor outreach, roadshows, book-building, and allocation, ensuring broad international distribution and high-quality order books, it added.
The International Monetary Fund, in its report released in December 2025, following the second review of the ongoing External Financing Facility (EFF), projected Pakistan’s gross external financing requirements at USD19.398 billion (4.6% of GDP) for fiscal year 2025-26, followed by USD19.123 billion in fiscal year 2026-27.
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