The Pakistani government plans to issue ‘Panda bonds’ in China’s capital market, aiming for a capital size of around $30 million.

Sources from the Finance Ministry indicate that they will enlist a Chinese credit rating agency for the bond transaction, with Expressions of Interest (EoI) already sought from these agencies.

The deadline for technical and financial proposals from the agencies is set for July 29, 2024.

Additionally, a law firm based in the People’s Republic of China will be engaged to facilitate the bond issuance, with applications from local legal counsel also being requested by July 15. Selection of the rating and law firms will proceed through a competitive bidding process.