ISLAMABAD (Dunya News) - The Ministry of Finance has announced that Pakistan will issue its first-ever Panda Bond in January 2026.
The announcement was made during a review meeting chaired by Finance Minister Muhammad Aurangzeb, who said the Panda Bond will be part of a planned programme with a total size of up to one billion dollars.
He stated that approvals from multilateral partners have already been obtained, while final approval from Chinese regulators is expected in early January.
According to the Ministry of Finance, the initiative aims to diversify funding sources and gain access to China’s onshore debt market. The initial bond issuance is expected to raise around 250 million dollars, with additional tranches to be issued after completion of regulatory approvals.
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 19, 2025The bond will be denominated in yuan and sold in China’s domestic market. The programme is part of Pakistan’s broader debt management strategy to stabilise the economy under the IMF’s seven-billion-dollar programme.
The ministry added that engagement with Chinese institutional investors has remained positive, reflecting growing confidence in Pakistan’s macroeconomic conditions following recent policy reforms.