Dawn
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11:58 Dec 19, 2025
Pakistan is targeting January to issue its first panda bond tranche, part of a planned programme of up to $1 billion, the Ministry of Finance said on Friday, as Islamabad seeks to diversify funding sources and tap China’s onshore debt market. The inaugural issuance is expected to raise the equivalent of about $250 million, with further tranches to follow under a phased programme once regulatory approvals are completed, the ministry said after Finance Minister Muhammad Aurangzeb chaired a review meeting on the plan. Approvals from multilateral partners have already been secured, and final clearances from Chinese regulators are expected by early January, the statement said. The panda bond programme, denominated in yuan and sold on China’s domestic market, is part of Pakistan’s broader debt management strategy as it works to stabilise its economy under a $7 billion International Monetary Fund programme. Pricing for the inaugural bond will be determined closer to the launch once all regulatory requirements are co...