ISLAMABAD: Finance Minister Muhammad Aurangzeb held separate meetings with delegations from Sharjah Islamic Bank, Abu Dhabi Commercial Bank and Ajman Bank during the World Bank Group–IMF Annual Meetings 2026 in Bangkok. The discussions covered Sukuk issuance, debt refinancing, infrastructure investment and Pakistan’s economic outlook.
The meetings focused on replacing expensive short-term borrowing, extending repayment periods and reducing pressure from concentrated debt repayments. The participants also explored ways to diversify financing sources without increasing Pakistan’s overall external debt.
Aurangzeb highlighted improvements in Pakistan’s fiscal and external indicators. He also cited stronger foreign exchange reserves, credit rating upgrades and progress under the IMF programme.
Furthermore, he reaffirmed the government’s commitment to macroeconomic stability, fiscal consolidation and sustainable export-led growth.
Sharjah Islamic Bank
During his meeting with Sharjah Islamic Bank’s delegation, Aurangzeb discussed potential Sukuk issuance, rupee-denominated dollar-settled instruments, additional Panda bonds and possible Eurobond tokenisation.
Both sides also examined financing backed by the Multilateral Investment Guarantee Agency (MIGA) and the impact of rising global borrowing costs.
The bank reaffirmed its support for Pakistan and expressed readiness to participate in a Sukuk issuance. Meanwhile, Aurangzeb highlighted investment opportunities in refinery upgrades, power distribution privatisation and airport outsourcing.
The discussions also covered ways to develop capital market benchmarks through financial institution issuances. In addition, both sides explored expanding financing for businesses, small and medium-sized enterprises (SMEs) and the agriculture sector.
Abu Dhabi Commercial Bank
Aurangzeb met Abu Dhabi Commercial Bank’s delegation to discuss capital market issuances and debt management measures. The discussions focused on replacing costly short-term borrowing and extending repayment maturities.
He welcomed the bank’s interest in several financing transactions. These included restoring Pakistan’s credit limits, participating in International Islamic Trade Finance Corporation (ITFC) financing, supporting MIGA-backed financing and pursuing a Diversified Payment Rights (DPR) transaction backed by the International Finance Corporation (IFC).
Aurangzeb also highlighted investment opportunities in refinery upgrades, privatisation, airport outsourcing, electricity transmission and the ML-1 railway project.
Both sides explored financing opportunities for data centres and digital finance. They also discussed the need for competitive electricity prices and an effective regulatory framework to support these investments.
Furthermore, the meeting reviewed the economic impact of regional conflicts, energy security and targeted relief measures. The Ministry of Finance’s Debt Management Office will coordinate follow-up discussions.
Ajman Bank
During his meeting with Ajman Bank’s delegation, Aurangzeb highlighted improvements in Pakistan’s fiscal and external indicators. He also reaffirmed the government’s commitment to economic reforms.
Both sides discussed potential Sukuk issuances, rupee-denominated dollar-settled instruments and ways to diversify financing sources. Aurangzeb stressed the need to replace expensive short-term debt, extend repayment maturities and reduce repayment concentrations without increasing overall external debt.
He appreciated Ajman Bank’s interest in expanding cooperation and welcomed its participation and advice on future financing transactions.
The discussions also covered the economic impact of regional conflicts, the resilience of Pakistan’s banking sector and targeted fuel subsidies that remain consistent with fiscal discipline.
Additionally, both sides discussed Pakistan’s efforts to de-escalate regional tensions. They also highlighted the availability of fertiliser, which has helped protect the country’s food security.
