ISLAMABAD: Pakistan has raised $3 billion through the issuance of Eurobonds, Finance Minister Muhammad Aurangzeb said, describing the transaction as the largest bond issuance in the country’s history. Addressing an Asian Development Bank event on tax reforms, the finance minister said strong demand from international investors reflected renewed confidence in Pakistan’s economy. Aurangzeb said the order book for the Eurobond was twice the size of the amount offered, with investors from Asia, the Middle East, Europe and the United States showing interest. He added that Pakistan’s international credit rating had improved three times since April 2025, contributing to better pricing for the five-year and 10-year bonds. The finance minister said the $3 billion Eurobond was not a temporary or sudden decision but part of Pakistan’s three-year Global Medium Term Note (GMTN) strategy. The strategy aims to extend debt maturities, reduce rollover risks and diversify external financing. Pakistan is also exploring other sources of external financing, including Sukuk, dollar-settled bonds and Panda bonds, Aurangzeb said. On tax reforms, the minister said the government was working to broaden the tax base and implement comprehensive reforms, which he said had resulted in a significant improvement in tax collection. He said the strong response to the Eurobond demonstrated that international investors were regaining confidence not only in Pakistan’s current economic situation but also in the country’s future.