Finance Minister Muhammad Aurangzeb announced that Pakistan plans to issue Panda Bonds worth $300 million this year to tap into the Chinese market.
In an interview with Bloomberg, he highlighted China’s status as the second-largest bond market globally and emphasized the benefits for Chinese investors in accessing Panda bonds.
Initially, bonds worth $250 million to $300 million will be issued, with plans to enhance the volume of Panda bonds at a later stage. Minister Aurangzeb underscored the strength of Pakistan’s cash balances, enabling timely debt payments and steering the country towards economic stability.
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He expressed confidence that the debt payments would not exert pressure on the currency and voiced optimism about the stability of the Pakistani rupee. Aurangzeb also revealed Pakistan’s intention to pursue an IMF program lasting at least three years, expressing confidence in a better growth rate in the upcoming financial year.