Pakistan eyes $1–2bn return to global capital markets

According to Mettis Global, Pakistan plans to borrow between $1 billion and $2 billion from global debt markets during the current fiscal year. Finance Minister Muhammad Aurangzeb presented a planned $10bn swap line with the United States as a possible confidence booster for overseas investors, as the country readies its return to borrowing. Washington has engaged constructively on the swap arrangement, and the government expects greater clarity in the coming months.

Aurangzeb said ties with Washington focus on expanding trade and investment, and that the US Export-Import Bank and the US International Development Finance Corporation could help mobilise private investment. He indicated that the Export-Import Bank might fund Boeing jets for Pakistan International Airlines after its privatisation, while the DFC might take equity stakes in Pakistani conglomerates. He also rejected the idea that closer US links amount to a choice between Washington and Beijing, though he confirmed Pakistan presently seeks no extra financing from China.

The finance minister said exports must grow, since the trade gap hit a four-year peak of $39.5bn in FY26 even as shipments dropped. Pakistan's $7bn IMF programme approved in 2024 has helped cut fiscal deficits and rebuild reserves, though growth is estimated at 3.7% for FY26. S&P Global Ratings raised the sovereign rating to B, five steps below investment grade.