ISLAMABAD: Pakistan is working to make it easier for companies to raise money through the bond market, with new listing facilities and proposals aimed at expanding access to long-term financing.
The reforms were reviewed at a meeting of the Capital Market Development Council chaired by Finance Minister Muhammad Aurangzeb on October 30.
According to the Finance Division, companies raised Rs291 billion through corporate debt issuances between January and September 2026. That followed Rs326 billion raised during the whole of 2025.
The council was also informed that 12 new listed corporate debt instruments, worth a combined Rs45.4 billion, had been issued between February 2025 and September 2026.
Simpler process for companies
Dedicated corporate debt market desks have been established at the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) to help businesses navigate the issuance process.
A one-window listing mechanism is already operating through the two institutions. Officials are working to bring the Central Depository Company into the arrangement to simplify the process further.
The council also discussed reducing transaction costs, improving secondary-market trading and strengthening investor protections.
Aurangzeb directed regulators to explore practical ways for small and medium-sized businesses to access capital-market financing.
Grid company plans Sukuk programme
The meeting reviewed a proposed Shariah-compliant Sukuk programme by the National Grid Company of Pakistan, with a total potential size of Rs100 billion.
Its first proposed issuance could raise up to Rs20 billion, subject to approvals and market conditions.
Separately, the finance minister encouraged SECP and PSX to renew discussions with MSCI about Pakistan’s possible future return to Emerging Markets classification.
No reclassification decision was announced.
The reforms reflect an effort to reduce companies’ dependence on conventional bank borrowing and develop a broader market for long-term investment.