Alvarez & Marsal team has outlined steps for Pakistan to chart an accelerated path to international capital markets and external creditors, as Islamabad seeks funds to shore its economy and meet foreign currency debt obligations.

The statement from the Finance Division comes as the Pakistan delegation held a meeting with representatives of Alvarez & Marsal Sovereign Advisory Services, comprising Dr Reza Baqir, Managing Director and Global Practice Leader, Peter Briggs, Division Executive for Sovereign Advisory Services, and Thibaud Fourcade.

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“Alvarez & Marsal team congratulated Pakistan on the successful conclusion of the Extended Fund Facility (EFF) with the International Monetary Fund (IMF), and discussed various approaches through which Pakistan could access the international capital markets and external creditors,” the Finance Division said in a statement.

“The team outlined the steps needed for the country to chart an accelerated path to capital markets following a well-sequenced strategy.”

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The meeting came on the sidelines of the Annual Meetings of the World Bank Group and International Monetary Fund (IMF), being held in Washington DC from October 21 to October 26, 2024.

Pakistan’s Finance Minister Muhammad Aurangzeb is leading the country’s delegation. Other delegates include Imdad Ullah Bosal, Finance Secretary, Dr Kazim Niaz, Secretary Economic Affairs, and Jameel Ahmad, Governor, State Bank of Pakistan, stated the Finance Division.

Alvarez & Marsal, a firm known for its work in turnaround management and performance improvement of a number of large, high-profile businesses, had earlier been appointed as an advisor for the Pakistan government as Islamabad looks to privatise its power distribution companies among other assets.

In August, Pakistan’s Privatisation Commission (PC) said six companies/ firms had been approved for the panel of pre-qualified financial advisors include Citigroup Global Markets Ltd, UK, JP Morgan, Alvarez & Marsal, UAE, EY Consulting LLC Dubai, PWC-AF Ferguson & Co and BDO Ebrahim & Co, Pakistan.

“These prequalification of financial advisors will enable the Privatization Commission to timely engage Financial Advisors for various upcoming privatization transactions,” the PC added in its statement back then.