Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a detailed meeting with representatives of S&P Global Ratings on the sidelines of the World Bank–IMF Spring Meetings 2026, focusing on macroeconomic stability, external financing, and Pakistan’s credit outlook.
During the meeting, the finance minister confirmed that Pakistan has successfully reached a Staff-Level Agreement with the International Monetary Fund, with approval from the IMF Executive Board expected soon, which would pave the way for the next tranche under the ongoing programme.
Senator Aurangzeb informed the rating agency that Pakistan has met its external obligations on time, including the repayment of 1.4 billion US dollars on its Eurobond during the current month. He also highlighted additional financial support from Saudi Arabia, including a 3 billion US dollar facility and the extension of a 5 billion US dollar deposit, now rolled over into a three-year term through 2028.
The minister noted Pakistan’s return to international capital markets with the issuance of a Eurobond through private placement after a four-year gap, priced at just under 7 percent, describing it as a sign of improving investor confidence.
He also outlined the government’s medium-term Global Medium Term Note (GMTN) strategy aimed at diversifying funding sources through Eurobonds, Sukuk, and rupee-linked, dollar-settled instruments to broaden the investor base and reduce foreign exchange risk exposure.
Progress on Pakistan’s inaugural Panda bond was also shared, with the minister stating that regulatory submissions have been completed and approval from the National Association of Financial Market Institutional Investors (NAFMII) is awaited.
On regional economic pressures, Aurangzeb briefed S&P Global on government measures to safeguard energy supply chains, manage pricing and logistics, and extend targeted digital subsidies to vulnerable segments of society.
Concluding the meeting, the finance minister expressed optimism that Pakistan’s improving macroeconomic indicators and ongoing reforms strengthen the case for a potential credit rating upgrade.