KARACHI: Pakistan has sought support of the Asian Development Bank (ADB) for the issuance of its yuan-denominated Panda bond, the Pakistani finance ministry said on Thursday.
The statement came after Pakistan Finance Minister Muhammad Aurangzeb’s meeting with ADB President Masato Kanda in Washington D.C., wherein the two sides discussed their Country Partnership Strategy 2026-2030 and budgetary support.
Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets and raise approximately $200 million from Chinese investors, following upgrades in its sovereign ratings by major credit agencies.
Islamabad is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company. However, the latest figure shared in Jan. is lower than the $300 million targeted by Pakistan last year.
“The minister requested ADB’s support for a partial credit guarantee for the issuance of Pakistan’s Panda bond,” the Pakistani finance ministry said.
The development comes more than a week after global ratings agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’, citing increased confidence in the country’s progress on narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, according to Fitch.
Pakistan’s economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout program from the IMF.
Aurangzeb and the ADB president also discussed the Bank’s Country Partnership Strategy 2026-2030 for Pakistan and agreed to fast-track the project’s execution, according to the Pakistani finance ministry.
“He also expressed hope that budgetary support from ADB would materialize this year and assured the participation of Pakistan’s delegation in the CAREC (Central Asia Regional Economic Cooperation Program) meeting scheduled for November 2025,” it added.
Pakistan is a founding member of the ADB. Since 1966, the bank has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.
Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
https://arab.news/6k7t9
Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
- The development follows upgrades in Pakistan’s sovereign ratings by major credit rating agencies
- Islamabad plans to launch yuan-denominated Panda bonds in June to raise roughly $200 million
Pakistan urges pilgrims to complete Saudi biometrics as Hajj preparations gain pace
- Government warns pilgrims biometric verification is required for Hajj visas
- Step follows tighter oversight after last year’s Hajj travel disruptions
ISLAMABAD: Pakistan’s government on Friday urged aspiring pilgrims to complete mandatory Saudi biometric verification for Hajj visas, as preparations for the 2026 pilgrimage gather pace following stricter oversight of the Hajj process.
The announcement comes only a day after Pakistan’s Religious Affairs Minister Sardar Muhammad Yousuf said regulations for private Hajj operators had been tightened, reducing their quota following widespread complaints last year, when tens of thousands of pilgrims were unable to travel under the private Hajj scheme.
“Saudi biometric verification is mandatory for the issuance of Hajj visas,” the Ministry of Religious Affairs said in a statement, urging pilgrims to complete the process promptly to avoid delays.
“Hajj pilgrims should complete their biometric verification at home using the ‘Saudi Visa Bio’ app as soon as possible,” it added.
The statement said the pilgrims who were unable to complete biometric verification through the mobile application should visit designated Saudi Tasheer centers before Feb. 8, adding that details of the centers were available on Pakistan’s official Hajj mobile application.
Pakistan has been steadily implementing digital and procedural requirements for pilgrims ahead of Hajj 2026, including mandatory training sessions, biometric checks and greater use of mobile applications, as part of efforts to reduce mismanagement.
Saudi Arabia has allocated Pakistan a quota of 179,210 pilgrims for Hajj 2026, with the majority of seats reserved under the government scheme and the remainder allocated to private tour operators.
