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Pakistan’s external liabilities stands at $130bn, dollar amounts to 58% of total debt
- External financing to rely on multilateral, bilateral sources.
- $1bn Panda Bond programme established, first issuance in FY26.
- Preparatory work underway for launch of Sustainable Bonds.
ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58% of the total burden, The News reported on Thursday
“The external debt portfolio is predominantly denominated in a few major currencies. The US dollar leads with a 57.8% share, followed by Special Drawing Rights (SDRs) at 29.88%, Chinese Yuan 5.21%, Japanese Yen 3.95%, and the Euro 2.62%,” reads the government’s latest Debt Management Strategy (DMS) for 2026-2028.
The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities.
However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability.
A $1 billion Panda Bond programme has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term.
Preparatory work is also underway for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.
Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve.
In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.
To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets.
Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.
Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the International Monetary Fund (IMF) programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025.
By March 2025, guarantees worth Rs405 billion —equivalent to 0.35% of GDP — had been issued, raising the total outstanding stock to Rs4,548 billion.
These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.
Welsh singer, a much loved artist who left an impact on the industry, has passed away after spending more than 60 years in music.
Tony Jones, best known as one half of the famous duo Tony and Aloma, has died at the age of 86.
Tony was a familiar and cherished name in Welsh music and for decades, he performed all over Wales and other places as well, appearing in cabaret shows, television programmes and live concerts.
However, Tony and Aloma became hugely popular during the 60s and 70s, winning the hearts of fans with their music.
The duo sold more than 100,000 albums and were known for hit songs including Mae Gen i Cariad and Dim Ond Ti a Fi.
After eight years apart, Tony and Aloma reunited back in the mid 1980s, bringing joy to fans who followed their journey for years.
Aloma, meanwhile, shared an emotional message through a family member, saying: “Thanks you all for your sympathy and your kind words, without you all there would be no Tony and Aloma.”
Musicians Iona and Andrew Boggie also paid tribute, calling him “a great songwriter, a wonderful voice and a very lovely person.”
Furthermore, Sain record company described Tony as “a friend of Sain for decades” and thanked him for lasting contribution to Welsh music.
The Duke of Edinburgh touched down in the United Arab Emirates on 31st January, for a whistle-stop mission that’s equal parts youth inspiration and environmental eye opener.
On the first day of his visit, Prince Edward well known as the global champion of the Duke of Edinburgh’s International Award met with ambitious young participants from The British School Al Khubairat and Gordonstoun School at Jubail Mangrove Park in Abu Dhabi.
The mangrove reserve, part of a wider UAE push to protect coastal ecosystems and biodiversity, is also a new kind of classroom for youth learning and stewardship.
As Chairman of the Award Foundation, he used the occasion to celebrate how programmes like the DofE empower young people with confidence.
Meanwhile, Gordonstoun’s involvement carries special weight, the Scottish school is where the Duke’s father, Prince Philip, helped shape the Award’s ethos and where the programme was born.
After engaging with students and mentors among the mangroves, he went on to visit the Zayed National Museum to celebrate UAE’s history before joining a dinner hosted by Britain’s Ambassador to the UAE, His Excellency Edward Hobart, in Dubai.
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