The overall objective is to provide GOP stakeholders with an independent assessment of UK institutional investor perspectives on Pakistan’s sovereign and corporate debt market, particularly the credibility, availability and indicative cost of external institutional financing after the current IMF programme.

Specifically, the assignment will:

• Explain the landscape of UK-based investors in Pakistan sovereign debt and broader portfolio investment, giving quantitative information of (shareable/not market sensitive/under NDA) the size of investment stocks and flows where possible, and giving profiles of key investors.

• Assess how investor confidence in Pakistan has changed during the IMF programme, identifying recognised improvements, persistent concerns and differences between existing and potential investors.

• Evaluate the conditions under which institutional investors would maintain or increase exposure to Pakistani sovereign and corporate debt following programme completion.

• Identify the financing instruments, currencies, maturities, potential investment amounts and indicative pricing ranges that investors may consider, where respondents are willing and able to provide such information.

• Examine the relative influence of Pakistan-specific fundamentals, global market conditions, IMF support, external repayment capacity, fiscal and structural reforms, and foreign-exchange arrangements.

• Compare investor perspectives across a small set of agreed post-programme scenarios, including successful completion with sustained reforms, continued IMF involvement and an adverse external shock.

• Identify policy actions, debt management improvements, information disclosures and communication measures that could materially strengthen investor confidence and access to more sustainable financing terms.

• Translate the findings into a concise, decision-oriented report and briefing for FCDO/REMIT and the Ministry of Finance, suitable for presentation to the finance minister and other key stakeholders.

• Disseminate the findings through a short visit to Pakistan in January for up to one week, at a semi-public event for researchers and other development partners organised in collaboration with REMIT, and other bilateral engagements organised by the FCDO/REMIT.