Pakistan, June 21 -- Pakistan is planning to raise Rs580 billion ($2.08 billion) from international bond markets in fiscal year 2026-27, a fivefold increase from the outgoing year's target of Rs116 billion ($417 million), which Finance Minister Muhammad Aurangzeb says would gradually replace a portion of the country's bilateral borrowing with market-based financing.

The government also plans to borrow Rs681.5 billion ($2.45 billion) from foreign commercial banks in FY27, which begins on July 1, according to budget documents. The planned issuances would take Pakistan's next year's commercial borrowing to $4.53 billion.

The proposed targets form part of the government's strategy to secure Rs5.54 trillion ($19.9 billion) in foreign financi...