Grin and bear it

“We have never issued a Panda bond before, I am interested in doing so”


Miftah Ismail

Miftah Ismail tells the Financial Times that Pakistan may issue a bond worth the equivalent of $1 billion in China’s onshore bond market. Described by the FT as Karachi’s “de facto finance minister”, Ismail’s proposal is a potential response to Pakistan’s dwindling foreign exchange reserves, which amount to just $11.4 billion.

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