DUBAI: Pakistan has hired a group of banks to arrange investor calls ahead of a triple-tranche sale of US dollar-denominated bonds, a document showed on Thursday.
Credit Suisse, Deutsche Bank, Emirates NBD Capital, JPMorgan, Standard Chartered and BOC International will hold calls with fixed income investors, the document from one of the banks showed.
A benchmark issuance comprising tenors of five, 10 and 30 years will follow, subject to market conditions. Tranches of benchmark size are usually at least $500 million.
Cash-strapped Pakistan has been in dire need of funds after its economy was hit hard by the coronavirus pandemic and contracted.
Questions over fiscal and revenue reforms had led to the suspension of a $6-billion bailout package by International Monetary Fund (IMF) since early last year.
The IMF and Pakistan reached agreement last month to resume the suspended facility, subject to approval by the IMF board.
The IMF approved a $500 million disbursement to Pakistan for budget support after the board completed delayed reviews of the$6-billion loan program on Wednesday.
The latest payment brought to $2 billion the total disbursements under the Extended Fund Facility since the program was first approved in July 2019, the IMF said in a statement.
Domestic newspaper the News quoted Muhammad Umar Zahid, the finance ministry’s director of debt, as having told a webinar last month that Pakistan expected to raise more than $1.5 billion in global bonds if market conditions were conducive.
Historical remittances and good debt inflows have shored up Pakistan’s foreign reserves to help its currency recover against the dollar.
The central bank has revised its GDP growth target to 3% from 2% for fiscal 2020/21, while the IMF projects 1.5%.
Pakistan hires banks for three-tranche dollar bond sale, document shows
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Pakistan hires banks for three-tranche dollar bond sale, document shows
- Cash-strapped Pakistan has been in dire need of funds after its economy was hit by coronavirus pandemic
- IMF approved $500 million disbursement to Pakistan after board completed delayed reviews of $6-billion loan program yesterday
Pakistan, Bangladesh vow to strengthen ties, expand cooperation across diverse sectors
- Pakistan FM, Bangladesh’s Khalil ur Rahman promise a ‘forward-looking partnership,’ cooperation at multilateral fora
- Both nations have begun sea trade, resumed direct flights and strengthened institutional linkages amid thaw in ties
ISLAMABAD: Pakistan and Bangladesh have agreed to strengthen bilateral relations and expand cooperation across a range of sectors, the Pakistani foreign ministry said on Sunday, amid a thaw in ties between the two countries.
Pakistan and Bangladesh were part of the same country until Bangladesh’s secession following a bloody civil war in 1971, an event that long cast a shadow over bilateral ties.
Both countries have moved closer since 2024, following the ouster of Prime Minister Sheikh Hasina who was considered an India ally as Dhaka-New Delhi ties remain strained over India’s decision to grant asylum to her.
On Sunday, Pakistan’s Foreign Minister Ishaq Dar held a telephonic conversation with his Bangladeshi counterpart Dr. Khalil-ur-Rahman and congratulated him on his appointment, according to the Pakistani foreign ministry.
“Both leaders expressed desire to further strengthening bilateral ties, with a shared vision of peace, stability, and prosperity,” the Pakistani ministry said.
“They also agreed to expand cooperation across diverse sectors and in multilateral fora, building a forward-looking partnership for the peoples of Pakistan and Bangladesh.”
The two South Asian nations began sea trade in late 2024, which were followed by efforts to expand government-to-government commerce. Last month, national carrier Biman Bangladesh Airlines landed in the Pakistani port city of Karachi for the first regular flight since 2012.
Amid growing institutional linkages between the two nations, Pakistan PM Shehbaz Sharif last week said he hoped to further strengthen relations with Bangladesh as Tarique Rahman took oath as the country’s new premier.
Pakistani Planning Miniter Ahsan Iqbal also called on PM Tarique after his oath-taking ceremony in Dhaka and conveyed warm congratulations on behalf of the government and people of Pakistan on his election, according to the Pakistani information ministry.
“Iqbal conveyed a formal invitation from the prime minister of Pakistan to Prime Minister Tarique Rahman to undertake an official visit to Pakistan at a mutually convenient date,” the ministry said.
