The government on Tuesday outlined its roadmap and key initiatives for public debt management in 2026, highlighting strategies for managing both domestic and external liabilities, alongside ongoing reforms aimed at strengthening transparency and market efficiency.
The Pakistan Stock Exchange (PSX), in collaboration with the Debt Management Office of the Ministry of Finance, hosted a high-level session on Public Debt at the Dr. Shamshad Akhtar Auditorium.
The event brought together senior representatives from commercial banks, brokerage firms, asset management companies, the State Bank of Pakistan (SBP), Central Depository Company (CDC), and the National Clearing Company of Pakistan Limited (NCCPL). Industry bodies including the Pakistan Stock Brokers Association (PSBA), Mutual Funds Association of Pakistan (MUFAP), and the Fund Managers Association of Pakistan (FMAP) were also in attendance.
The gathering provided a platform for in-depth discussions on public debt management practices and ongoing capital market reforms. Detailed presentations were delivered by PSX Chief Executive Officer Farrukh H. Sabzwari, Adviser to the Finance Minister Khurram Schehzad, Adviser on Debt Management Omar M. Khan, and Director Domestic Debt at the Ministry of Finance Khaliq Uz Zaman.
During the session, the government’s 2026 roadmap was presented, offering comprehensive insights into public debt management policies and the broader approach to managing both domestic and external liabilities, as reported by APP. Participants were briefed on improvements in Pakistan’s macroeconomic environment that support effective debt management, along with a review of progress made in public debt issuance during 2025, supported by key performance indicators.
The discussion also examined reforms in Shariah-compliant debt instruments, including enhancements in issuance mechanisms and secondary market trading at PSX. Participants reviewed trends in traded volumes and market participation, highlighting growing interest and depth in the Islamic finance segment.
An interactive question-and-answer session concluded the forum, allowing participants to share feedback and exchange views on further strengthening debt markets.
Adviser to the Finance Minister Khurram Schehzad emphasized that Pakistan’s debt management framework is anchored in transparency and long-term sustainability. He noted that in 2026 the government will continue to prioritize market reforms and ensure efficient and transparent debt auctions to bolster investor confidence and maintain macroeconomic stability.
Adviser on Debt Management Omar M. Khan stressed the importance of timely execution of reforms, quoting the finance minister while outlining targets across key areas of internal and external debt. He encouraged market participants to propose innovative ideas, particularly in the development of new Shariah-compliant instruments, to broaden the investor base. He also acknowledged the role of improved market mechanisms in achieving efficient pricing and enhanced transparency.
PSX CEO Farrukh H. Sabzwari highlighted the importance of sustained collaboration between the Ministry of Finance, capital market infrastructure institutions, and market participants, noting that such coordination is essential to support Pakistan’s economic resilience and long-term growth.
The event concluded with a comprehensive discussion and Q&A session, marking another step toward strengthening engagement between the government and financial sector stakeholders in advancing Pakistan’s debt management framework and capital market development.
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