Pakistan explores Sukuk, Panda bonds and gold-backed financing with Standard Chartered

Finance Minister Muhammad Aurangzeb met Standard Chartered Bank (SCB) in Bangkok during the 2026 World Bank Group-IMF Annual Meetings, with the State Bank of Pakistan governor also attending, according to Profit. The discussions centred on a possible Sukuk issuance, additional Panda bonds and other financing routes intended to cover Pakistan's external funding needs and infrastructure spending.

The Finance Division said Aurangzeb credited the bank with helping close Pakistan's external financing gaps and supporting its return to global capital markets. Other topics included bonds that are rupee-denominated but settled in dollars, tokenisation, gold-backed liquidity and energy-price hedging, with both sides stressing simple structures and competitive costs.

Aurangzeb also pointed to potential investment in refinery upgrades and welcomed further proposals that go via the relevant ministries. Reserve management, deposit products for overseas Pakistanis, and multilateral guarantees and export-credit financing for power transmission, railways and roads were also raised.