ISLAMABAD: Five Chinese firms have placed bids to work on Pakistan’s issuance of Panda Bonds, the South Asian nation’s finance ministry said on Thursday.

Three Chinese law firms and two credit agencies had submitted bids in response to the Pakistani government’s advertisement for help to launch bonds in the Chinese market that the finance minister has previously said could be worth up to $300 million.

Two Pakistani firms had also applied, the statement added, saying the government was considering the bids and would make a decision “in due course”.

Issuance of Panda Bond: MoF to hire a Chinese rating agency

Pakistan’s finance minister visited Beijing for talks last week where he signalled he might discuss the bonds.

Pakistan, which last month signed a $7 billion loan program with the International Monetary Fund (IMF), is seeking to shore up its sources of financing as it tries to meet IMF requirements and improve its current account deficit.