Finance Minister Muhammad Aurangzeb held a virtual meeting with the senior leadership of the consortiums of international banks under Pakistan's Global Medium-Term Note (GMTN) Program and International Sukuk Program.

The meeting marked the commencement of the Government's strategic partnership with the selected financial institutions.

Following an evaluation process conducted in accordance with the criteria and procedures prescribed in the Requests for Proposals, the Government of Pakistan has successfully concluded the competitive procurement process for the appointment of consortiums of international banks under its Global Medium-Term Note Program and International Sukuk Program.

The consortiums have been appointed for a period of three years and will support Pakistan's sovereign capital market issuances across both conventional and Islamic financing instruments.

Upon completion of the required documentation and fulfillment of all applicable formalities, the Government of Pakistan intends to utilize these structures for frequent issuances, as and when required, in line with its financing strategy.

Pakistan's re-engagement with international capital markets is supported by the country's improving macroeconomic environment.

The Government's objective extends beyond raising financing to developing a diversified, market-oriented funding platform that broadens the investor base, optimizes financing costs, and strengthens Pakistan's long-term presence in international capital markets.