Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has sought Fitch Ratings’ assessment of the requirements for Pakistan to progress towards the BB sovereign rating category, as the government explored a potential structure combining a World Bank policy-based guarantee with MIGA coverage to mobilise approximately $1.5 billion in financing at competitive rates.

The discussions took place during a series of meetings with international financial institutions, global investors, credit rating agencies and development partners on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, according to a statement issued on Friday.

In talks with Fitch Ratings, the finance minister, accompanied by State Bank of Pakistan (SBP) Governor Jameel Ahmad, highlighted progress in macroeconomic stabilisation, fiscal consolidation and sustained primary surpluses, alongside restored access to international capital markets. The delegation outlined improvements in foreign exchange reserves, exchange-rate stability, inflation management and debt sustainability, reaffirming commitment to the IMF programme, structural reforms and export-led growth.

With Alvarez & Marsal, discussions examined a structure combining a World Bank policy-based guarantee with Multilateral Investment Guarantee Agency (MIGA) coverage, subject to the available guarantee envelope and transaction structure. The minister emphasised leveraging existing World Bank resources and a Development Policy Operation to avoid delays.

With Deutsche Bank, discussions covered diversification through Sukuk, Panda bonds, rupee-denominated dollar-settled bonds and potential Eurobond tokenisation, as well as debt management and currency diversification.