Pakistan, July 22 -- The government has appointed consortiums of leading international banks for Pakistan's Global Medium-Term Note (GMTN) and International Sukuk programmes, paving the way for future sovereign capital market transactions under its external financing strategy.

According to a Finance Division statement issued on Tuesday, Finance Minister Muhammad Aurangzeb, currently in Washington, D.C., held a virtual meeting with senior executives of the selected banks, marking the start of the government's strategic partnership with the financial institutions.

The appointments, made through a competitive procurement process, will remain valid for three years and cover Eurobonds, International Sukuks and PKR-denominated, US dollar-sett...