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Pakistan Plans to Return to Global Bond Markets
April 14, 2026
Pakistan is looking to boost its foreign exchange reserves after the UAE unexpectedly demanded full repayment of a $3bn loan. It was the first time in seven years the Gulf nation declined to roll over the debt. This development comes as soaring oil prices and supply disruptions stemming from the US-Iran conflict put significant pressure on the country’s external buffers. Reserves currently stand at $16.4bn, enough to cover roughly three months of imports. Pakistan’s Finance Minister Muhammad Aurangzeb, said Pakistan is exploring a broad mix of financing options, including bilateral lenders and commercial banks, to plug the gap. While he declined to confirm directly, Bloomberg had earlier reported that talks with China and Saudi Arabia are underway for financial support. On the capital markets front, Pakistan is pressing ahead with plans to return to international bond markets for the first time in four years, with a combination of eurobonds, sukuk, and dollar-settled PKR-linked bonds in the pipeline. The country is also preparing its debut Panda bond issuance in the second quarter with an inaugural sale of $250mn out of a planned $1bn total. Separately, Pakistan awaits IMF board approval for the next tranche of its $7bn bailout program, which would unlock approximately $1.3bn.
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