Finance Minister Muhammad Aurangzeb on Tuesday said Pakistan is preparing to return to the global bond market after a four-year gap, citing improved macroeconomic stability following years of financial stress, according to a Bloomberg report.
Finance Minister Muhammad Aurangzeb told Bloomberg that the government will issue a proposal for advisers in the coming weeks as it prepares to re-enter international debt markets.
He said Pakistan is currently assessing whether to issue a dollar, euro or sukuk bond, while also preparing to launch the country’s first-ever panda bond within weeks.
Speaking on the sidelines of the World Economic Forum (WEF) Annual Meeting 2026 in Davos, Aurangzeb said Pakistan has consolidated gains on key macroeconomic indicators.
“If you look at every key indicator — inflation, interest rates, the fiscal position and the current account — the direction of travel has clearly improved,” he told Bloomberg.
IMF programme
According to the report, Pakistan had effectively been shut out of the global bond market since 2022, but has regained stability after adopting fiscally prudent measures under International Monetary Fund (IMF) bailout programmes.
Pakistan’s inflation, which peaked at around 40%, has now fallen to single digits, while global credit rating agencies — Moody’s, S&P and Fitch — have upgraded the country’s ratings.
Reserves, rupee and external position
Aurangzeb said foreign-exchange reserves are expected to reach three months of import cover by the end of the current fiscal year in June, a level widely seen as a global benchmark.
He also noted that there is no immediate pressure on the rupee, reflecting improved confidence in the country’s external position.
The finance minister said macroeconomic stabilisation has been accompanied by long-delayed structural reforms, including the privatisation of state-owned enterprises and expansion of the tax net.
Following the successful privatisation of Pakistan International Airlines (PIA) last month, the government is now seeking to sell a stake in the Roosevelt Hotel in New York, he added.
Aurangzeb said the government aims to move toward export-led growth to avoid the import-driven expansions that have repeatedly triggered balance-of-payments crises.
“We have to stay the course on reforms,” he said. “That’s the only way to move toward sustainable growth.”
