Assalam-o-Alaikum!
I hope you’re all doing well. This week, one story kept popping up on my feed from three completely different angles, and I knew I had to dig into it properly for you. Our Prime Minister went to London — and what was supposed to be a straightforward investment pitch turned into something much bigger. Let me break it all down, the way I wish someone had explained it to me.
What Actually Happened in London
On Tuesday, Prime Minister Shehbaz Sharif sat down in London with senior executives from five of the world’s biggest financial institutions: JP Morgan, Barclays, Citi, BlackRock, and Rothschild & Co. His pitch was simple — invest in Pakistan and expand your services here.
But that wasn’t even the biggest headline of the day. Earlier that same day, he became the first Pakistani prime minister in history to open the trading session at the London Stock Exchange. And while he was there, he formally inaugurated Pakistan’s $3 billion dual-tranche sovereign Eurobond — essentially Pakistan borrowing $3 billion from international investors, split into two parts. You can read the original reporting in our News section’s reference coverage via Dawn and The Express Tribune.
The Five Meetings, One by One
JP Morgan: The PM met a delegation led by Matthieu Wiltz, the bank’s co-CEO for Europe, the Middle East and Africa. They discussed capital markets, trade finance and investment banking — and the PM invited JP Morgan to expand its footprint in Pakistan. The delegation reaffirmed its interest in Pakistan’s sovereign debt markets and corporate banking opportunities.
Barclays: In his meeting with Mohammad Kamal Syed, who heads Barclays’ Private Bank and Wealth Management in the UK, the PM briefed him on the government’s macroeconomic stabilisation measures and encouraged the bank to explore opportunities in Pakistan’s financial sector.
Citi: A Citi delegation led by Chief Client Officer David Livingstone heard a direct pitch to expand the bank’s corporate and institutional banking services in Pakistan. The PM also acknowledged Citi’s long-standing presence in the country.
BlackRock: This one caught my eye — BlackRock is the world’s largest asset manager. The PM invited them to increase investment in Pakistani equities and fixed-income instruments under their frontier markets strategy. Both sides stressed something I’ve heard a hundred times but rarely seen: policy consistency is what builds investor confidence.
Rothschild & Co: The delegation was led by Lord Mark Sedwill, the firm’s Chair of Geostrategic Advisory. The official line was that discussions centred on Pakistan’s geo-economic priorities and potential advisory collaboration. And this is the meeting that caused all the drama back home — more on that below.
Finance Minister Muhammad Aurangzeb and Adviser on Privatisation Muhammad Ali were present in these meetings. Separately, Aurangzeb also met Standard Chartered CEO Bill Winters to discuss tokenisation, international Sukuk (Islamic bonds), and financing for the government’s privatisation programme.
Why the Eurobond Matters (In Simple Words)
Okay, let me explain this the way I understand it, because financial news loves making simple things sound complicated. A Eurobond is basically Pakistan borrowing money from international investors. The government says: lend us $3 billion, we’ll pay you back with interest. The fact that investors bought it is being presented as a vote of confidence — global markets are willing to lend to Pakistan again after a rough few years.
Is it good news? Partly, yes. It shows Pakistan is back in international capital markets. But — and this is the unfiltered part — borrowing money isn’t the same as earning money. A bond is debt. What actually matters is whether this borrowed money gets used for things that grow the economy, or just plugs holes in it.
The Controversy: Why One Meeting Made Headlines for the Wrong Reason
Here’s where it gets complicated. The meeting with Rothschild & Co sparked serious criticism back home. Senator Mushtaq Ahmad Khan wrote on X questioning the meeting in very strong terms, asking what the agenda was — particularly sensitive because Pakistan has no diplomatic relations with Israel, and critics associate the Rothschild name with Israel. Former minister Shireen Mazari echoed the criticism.
Now, I want to be fair here, because that’s what this platform is about. The government’s position is straightforward: this was a financial advisory meeting about capital markets and investment strategy — nothing more. Rothschild & Co is one of the world’s oldest financial advisory firms, and governments meet such firms routinely.
But the criticism also reflects something real: in Pakistan, this question is deeply emotional, especially with what’s happening in Gaza. When the government meets a firm that critics link to Israel, people will ask questions. Both things can be true at once — it can be a routine financial meeting and a legitimate public question about transparency.
What This Actually Means for Pakistan (My Honest Take)
Let me tell you what I really think, because you’ve read this far and you deserve honesty, not press releases.
The optimistic reading: Pakistan’s economy has stabilised after nearly defaulting a couple of years ago. Inflation is down from its peak, the IMF programme is on track, and now the world’s biggest banks are at least willing to sit in a room and listen. That’s not nothing — a few years ago, hardly anyone wanted to touch Pakistan.
The sceptical reading: meetings are not investments. Every Pakistani government does a London or New York investor roadshow. What matters is what happens after the handshakes — do policies stay consistent? Do investors actually put money in? Pakistan’s history here is, frankly, not great. Governments change, policies reverse, and investors remember.
The unfiltered truth, as I see it: this visit was a necessary step, but it’s step one of a hundred. The Eurobond shows markets are cautiously optimistic. The bank meetings show interest. But interest isn’t investment — and Pakistan’s real test is whether it can keep reforms going long enough for that interest to turn into actual dollars in actual projects.
One more thing I noticed: the PM said that without the Middle East conflict, Pakistan’s economy would have “taken off like other emerging economies,” and highlighted Pakistan’s role mediating between the US and Iran. That’s a big claim. Maybe. But I’d rather see the takeoff than hear about what could have been.
What I’ll Be Watching Next
Two things, mainly. First, whether any of these banks actually announce expanded operations or investments in Pakistan in the coming months — not just “interest,” but real announcements. Second, how the Eurobond money gets used. Those two things will tell us whether London was a turning point or just a photo opportunity. I’ll keep following this story right here on Pak Unfiltered, in our Latest updates.
What do you think — genuine progress or just good PR? I’d honestly love to hear your take. If you have a question about any of this, or want me to dig into another story, reach out through our Contact Us page.
Take care, and I’ll see you in the next one. — Maryam
