Pakistan plans to access USD, Euro, Islamic Sukuk markets ‘in due course’ — finmin
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Tuesday the country plans to tap the US dollar, euro and Islamic sukuk markets “in due course” as part of efforts to diversify funding sources and sustain economic stability.
The announcement came during a meeting with a high-level Acumen delegation led by founder and Chief Executive Officer Jacqueline Novogratz. The delegation of board members and global investors is visiting Pakistan to meet government officials and private stakeholders in a move seen as a sign of renewed foreign interest in the South Asian nation’s economy.
“Aurangzeb also discussed Pakistan’s plans to issue its inaugural Panda Bond before the year’s end and its intent to access USD, Euro, and Islamic Sukuk markets in due course,” the Finance Division said in a statement after the meeting.
A Panda Bond is a type of debt issued by a foreign borrower in China’s domestic market, denominated in renminbi (RMB). It enables foreign governments and companies to raise funds from Chinese investors and broaden their financing base.
