Obligation Pakistania 6.875% ( US740840AC76 ) en USD

Pakistania

100 % ⇌

Pakistan

US740840AC76 ( en USD )

6.875% par an ( paiement semestriel )

04/12/2027

Prospectus brochure de l'obligation Pakistan US740840AC76 en USD 6.875%, échéance 04/12/2027

200 000 USD

1 500 000 000 USD

740840AC7

05/06/2026 ( Dans 173 jours )

Le Pakistan est une république islamique d'Asie du Sud, bordée par l'Afghanistan, l'Iran, l'Inde, la Chine et le golfe d'Oman.

L'Obligation émise par Pakistania ( Pakistan ) , en USD, avec le code ISIN US740840AC76, paye un coupon de 6.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 04/12/2027

The President of the Islamic Republic of Pakistan
for and on behalf of
the Islamic Republic of Pakistan
U.S.$1,500,000,000 6.875 per cent. Notes due 2027
Issue price of Notes: 100 per cent.
The U.S.$1,500,000,000 6.875 per cent. Notes due 2027 (the Notes) are issued by The President of the Islamic Republic of Pakistan for and on behalf of
the Islamic Republic of Pakistan (the Issuer) and are direct, unconditional and unsecured obligations. Interest on the Notes will be payable semi-annually
in arrear on 5 June and 5 December in each year commencing on 5 June 2018. Interest on the Notes will accrue from and including 5 December 2017 and
will be at a rate of 6.875 per cent. per annum. The Notes will mature on 5 December 2027 (the Maturity Date). Payments on the Notes will be made in
U.S. dollars without deduction for or on account of taxes of the Islamic Republic of Pakistan to the extent described under "Terms and Conditions of the
Notes Taxation".
The Notes are expected to be assigned a rating of 'B3' by Moody's Investors Service, Inc. (Moody's) and a rating of 'B' by Standard & Poor's Rating
Services (Standard & Poor's). Moody's and Standard & Poor's are not established in the European Union and have not applied for registration under
Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation). The ratings have been endorsed by Moody's Investors Service Ltd. and Standard &
Poor's Credit Market Services Europe Limited, respectively, in accordance with the CRA Regulation. Moody's Investors Services Ltd. and Standard &
Poor's Credit Market Services Europe Limited are established in the European Union and registered under the CRA Regulation. As such Moody's
Investors Service Ltd. and Standard & Poor's Credit Market Services Europe Limited are included in the list of credit rating agencies published by the
European Securities and Markets Authority on its website (at https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance with the
CRA Regulation. The European Securities and Markets Authority has indicated that ratings issued in the USA which have been endorsed by Moody's
Investors Service Ltd. and Standard & Poor's Credit Market Services Europe Limited may be used in the EU by the relevant market participants. A rating is
not a recommendation to buy, sell or hold the Notes (or beneficial interests therein, does not address the likelihood or timing of payment and may be
subject to revision, suspension or withdrawal at any time by the assigning rating organisation.
Application has been made to admit the Notes to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Luxembourg Stock
Exchange's Euro MTF market (the Euro MTF Market). The Euro MTF Market is not a regulated market pursuant to the provisions of Directive 2004/39/EC.
This offering circular (the Offering Circular) constitutes a prospectus for the purposes of the Luxembourg law dated 10 July 2005 on prospectuses for
securities, as amended.
Prospective investors should be aware that none of the statistical information in this Offering Circular has been independently verified. An
investment in the Notes involves certain risks. For a discussion of these risks see "Risk Factors" beginning on page 6 of this Offering Circular.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) or with any securities
regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant
to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly,
the Notes are being offered, sold or delivered: (a) in the United States only to qualified institutional buyers (QIBs) (as defined in Rule 144A (Rule 144A)
under the Securities Act) in reliance on, and in compliance with, Rule 144A (the Restricted Notes); and (b) outside the United States in reliance on
Regulation S (Regulation S) under the Securities Act (the Unrestricted Notes). Each purchaser of the Notes will be deemed to have made the
representations described in "Plan of Distribution" and "Transfer Restrictions" and is hereby notified that the offer and sale of Notes to it, if in the United
States, is being made in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A. In addition, until 40
days after the commencement of the offering, an offer or sale of any of the Notes within the United States by any dealer (whether or not participating in the
offering) may violate the registration requirements of the Securities Act if the offer or sale is made otherwise than in accordance with Rule 144A. The Notes
are not transferable except in accordance with the restrictions described under "Plan of Distribution" and "Transfer Restrictions".
The Notes will be offered and sold in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. The Unrestricted Notes will
initially be represented by interests in a global unrestricted certificate in registered form (the Unrestricted Global Certificate), without interest coupons,
which will be deposited with a common depositary for, and registered in the name of a nominee of, Euroclear Bank SA/NV (Euroclear) and Clearstream
Banking S.A.(Clearstream, Luxembourg) on the Issue Date. Beneficial interests in the Unrestricted Global Certificates will be shown on, and transfers
thereof will be effected only through, records maintained by Euroclear or Clearstream, Luxembourg. The Restricted Notes will initially be represented by a
global restricted certificate in registered form (the Restricted Global Certificate and, together with the Unrestricted Global Certificate, the Global
Certificates), without interest coupons, which will be deposited with a custodian for, and registered in the name of a nominee of, The Depository Trust
Company (DTC) on 5 December 2017 or such later date as may be agreed (the Issue Date) by the Issuer and the Joint Lead Managers (as defined under
"Plan of Distribution"). Beneficial interests in the Restricted Global Certificates will be shown on, and transfers thereof will be effected only through, records
maintained by DTC and its participants. See "Clearance and Settlement". Individual definitive note certificates in registered form (Individual Certificates)
will only be available in certain limited circumstances as described herein. It is expected that delivery of the Global Certificates will be made in
immediately available funds on the Issue Date (i.e. the fourth Business Day following the date of pricing of the Notes (such settlement cycle
being herein referred to as T+4)).
Joint Lead Managers
Citigroup
Deutsche Bank
ICBC
Standard Chartered Bank
The date of this Offering Circular is 4 December 2017.

The Issuer accepts responsibility for the information contained in this Offering Circular. The
Issuer, having made all reasonable enquiries, confirms that this Offering Circular contains or
incorporates all information which is material in the context of the Notes, that the information
contained or incorporated in this Offering Circular is true and accurate in all material respects
and is not misleading, that the opinions and intentions expressed in this Offering Circular are
honestly held and that there are no other facts the omission of which would make this
Offering Circular or any of such information or the expression of any such opinions or
intentions misleading.
No person is or has been authorised to give any information or to make any representation
other than those contained in this Offering Circular in connection with the offering of the
Notes and, if given or made, such information or representations must not be relied upon as
having been authorised by the Issuer or any of the Joint Lead Managers, the Agents (each
as defined herein) or any other person. Neither the delivery of this Offering Circular nor any
sale of any Notes shall, under any circumstances, constitute a representation or create any
implication that the information contained herein is correct as of any time subsequent to the
date hereof or that there has been no change in the affairs of the Issuer since the date
hereof.
To the fullest extent permitted by law, none of the Joint Lead Managers nor the Agents
accepts any responsibility for the contents of this Offering Circular or for any statements
made or purported to be made by the Joint Lead Managers or the Agents or on its behalf in
connection with the Issuer or the offering of the Notes. The Joint Lead Managers and the
Agents accordingly disclaim all and any liability whether arising in tort or contract or
otherwise (save as referred to above) which any of them might otherwise have in respect of
this Offering Circular or any such statement.
This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy
any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or
solicitation in such jurisdiction. The distribution of this Offering Circular and the offer or sale
of the Notes may be restricted by law in certain jurisdictions. None of the Issuer, the Joint
Lead Managers or the Agents represents that this Offering Circular may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable
registration or other requirements in any such jurisdiction, or pursuant to an exemption
available thereunder, or assumes any responsibility for facilitating any such distribution or
offering. In particular, no action has been taken by the Issuer, the Joint Lead Managers, or
the Agents which is intended to permit a public offering of any Notes or distribution of this
Offering Circular in any jurisdiction where action for that purpose is required. Accordingly, no
Notes may be offered or sold, directly or indirectly, and neither this Offering Circular nor any
advertisement nor other offering material may be distributed or published in any jurisdiction,
except under circumstances that will result in compliance with any applicable laws and
regulations. Persons into whose possession this Offering Circular or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of this
Offering Circular and the offering and sale of the Notes. In particular, there are restrictions on
the distribution of this Offering Circular and the offer or sale of Notes in the United States,
the United Kingdom, Pakistan, Hong Kong, Singapore, the United Arab Emirates (excluding
the Dubai International Financial Centre) and Dubai International Financial Centre.
The Joint Lead Managers have not separately verified the information contained herein.
Accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by the Joint Lead Managers or any of them as to the
accuracy or completeness of the information contained in this Offering Circular or any other
information provided by the Issuer in connection with the Notes or their distribution. None of
the Joint Lead Managers accepts any liability in relation to the information contained in this
Offering Circular or any other information provided by the Issuer in connection with the
Notes.
Neither this Offering Circular nor any other information supplied in connection with the Notes
is intended to provide the basis of any credit or other evaluation and should not be
considered as a recommendation by the Issuer or the Joint Lead Managers that any
i

recipient of this Offering Circular or any other information supplied in connection with the
Notes should purchase any of the Notes. Each investor contemplating purchasing Notes
should make its own independent investigation of the financial condition and affairs, and its
own appraisal of the creditworthiness, of the Issuer. None of the Joint Lead Managers or the
Agents undertakes to review the Issuer's financial condition or affairs during the life of the
arrangements contemplated by this Offering Circular or to advise any investor or potential
investor in the Notes of any information relating to the Issuer coming to its attention.
EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS TAX ADVISER,
LEGAL ADVISER, AND BUSINESS ADVISER AS TO TAX, LEGAL, BUSINESS, AND
RELATED MATTERS CONCERNING THE PURCHASE OF THE NOTES.
Each potential investor in the Notes must determine the suitability of that investment in light
of its own circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of
the Notes, the merits and risks of investing in the Notes and the information contained
in this Offering Circular or any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in
the context of its particular financial situation, an investment in the Notes and the
impact the Notes will have on its overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an
investment in the Notes, including where the currency for principal or interest
payments is different from the potential investor's currency;
(iv)
understand thoroughly the terms of the Notes and be familiar with the financial
markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible
scenarios for economic, interest rate and other factors that may affect its investment
and its ability to bear the applicable risks.
For a description of certain restrictions on the offering and sale of the Notes and on
distribution of this Offering Circular, see "Plan of Distribution" below.
IN CONNECTION WITH THE ISSUE OF THE NOTES, THE JOINT LEAD MANAGER(S)
NAMED AS STABILISATION MANAGER(S) (OR PERSON ACTING ON BEHALF OF THE
STABILISATION MANAGER(S)) MAY OVER-ALLOT NOTES OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES
AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER,
STABILISATION MAY NOT NECESSARILY OCCUR. ANY STABILISATION ACTION MAY
BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF
THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY CEASE AT
ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE
ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF
THE NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT SHALL BE
CONDUCTED BY THE RELEVANT STABILISATION MANAGER(S) (OR PERSONS
ACTING ON BEHALF OF ANY STABILISATION MANAGER(S)) IN ACCORDANCE WITH
ALL APPLICABLE LAWS AND RULES.
THE NOTES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER U.S.
REGULATORY AUTHORITY IN THE UNITED STATES, NOR HAVE THE FOREGOING
AUTHORITIES APPROVED THIS OFFERING CIRCULAR OR CONFIRMED THE
ACCURACY OR DETERMINED THE ADEQUACY OF THE INFORMATION CONTAINED
IN THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL.
ii

This Offering Circular is being distributed in the United States to a limited number of QIBs for
informational use solely in connection with the consideration of the purchase of certain Notes
issued by the Issuer. Its use for any other purpose in the United States is not authorised. It
may not be distributed in the United States or any of its contents disclosed to anyone in the
United States other than the prospective investors to whom it is originally submitted.
Each purchaser or holder of interests in the Notes will be deemed, by its acceptance or
purchase of any such Notes, to have made certain representations and agreements as set
out in "Plan of Distribution" and "Transfer Restrictions".
NOTICE TO RESIDENTS OF THE ISLAMIC REPUBLIC OF PAKISTAN
THE NOTES ARE NOT BEING OFFERED OR SOLD AND MAY NOT BE OFFERED, SOLD
OR TRANSFERRED DIRECTLY OR INDIRECTLY IN PAKISTAN, TO RESIDENTS IN
PAKISTAN OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, SUCH PERSONS.
THE ISLAMIC REPUBLIC OF PAKISTAN IS A FOREIGN SOVEREIGN STATE.
CONSEQUENTLY, IT MAY BE DIFFICULT FOR INVESTORS TO REALISE JUDGMENTS
OF COURTS IN ENGLAND OR THEIR OWN JURISDICTION AGAINST THE ISLAMIC
REPUBLIC OF PAKISTAN IN THE COURTS OF PAKISTAN. SEE "ENFORCEMENT OF
FOREIGN JUDGMENTS IN PAKISTAN" AND "RISK FACTORS ENFORCEMENT OF
FOREIGN JUDGEMENTS IN PAKISTAN".
THE ENTRY INTO OF THE APPLICABLE BOND DOCUMENTS BY THE GOVERNMENT
OF PAKISTAN IS IN ACCORDANCE WITH ARTICLE 173(3) OF THE CONSTITUTION OF
THE ISLAMIC REPUBLIC OF PAKISTAN, 1973 (AS AMENDED FROM TIME TO TIME)
WHICH STATES INTER ALIA THAT "ALL CONTRACTS MADE IN THE EXERCISE OF THE
EXECUTIVE AUTHORITY OF THE FEDERATION OR OF A PROVINCE SHALL BE
EXPRESSED TO BE MADE IN THE NAME OF THE PRESIDENT OR, AS THE CASE MAY
BE, THE GOVERNOR OF THE PROVINCE".
iii

PRESENTATION OF FINANCIAL INFORMATION
Certain amounts included in this Offering Circular have been subject to rounding
adjustments; accordingly, figures shown as totals in certain tables may not be an arithmetic
aggregation of the figures which precede them.
Unless otherwise specified or the context requires, references to dollars, U.S. dollars and
U.S.$ are to United States dollars and references to Rupees and Rs. are to the lawful
currency of the Islamic Republic of Pakistan. Historic amounts translated into Rupees or U.S.
dollars have been translated at historic rates of exchange. Such translation should not be
construed as a representation that the amounts in question have been, could have been or
could be converted into U.S. dollars at that or any other rate. The spot mid-rate between the
Rupee and the U.S.$ on 30 November 2017 as quoted by the State Bank of Pakistan (SBP)
was Rupees 105.48 to U.S.$1.00. References to billions are to thousands of millions.
References to SDR are to the Special Drawing Right, a unit of account having the meaning
ascribed to it from time to time by the Rules and Regulations of the International Monetary
Fund (IMF). References to any individual period as 2016-17 and so on are references to a
fiscal year commencing on 1 July in one year and ending on 30 June in the subsequent year.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a foreign sovereign nation, and a substantial portion of the assets of the Issuer
are located outside the United States and the United Kingdom. As a result, it may not be
possible for investors to effect service of process, within the United States and/or the United
Kingdom, upon the Issuer or to enforce against it, in the United States courts or courts
located in the United Kingdom, judgments obtained in United States courts or courts located
in the United Kingdom, respectively, including judgments predicated upon the civil liability
provisions of the securities laws of the United States or any state or territory within the
United States.
ENFORCEMENT OF FOREIGN JUDGMENTS IN PAKISTAN
In Pakistan, statutory recognition is given to foreign judgments under section 13 of the
Pakistan Code of Civil Procedure 1908 (the Code). This provides that a foreign judgment
shall be conclusive as to any matter thereby directly adjudicated upon except (i) where it has
not been pronounced by a court of competent jurisdiction, (ii) where it has not been given on
the merits of the case, (iii) where it appears on the face of the proceedings to be founded on
an incorrect view of international law or a refusal to recognise the law of Pakistan in cases
where such law is applicable, (iv) where the proceedings in which the judgment was
obtained were opposed to natural justice, (v) where it has been obtained by fraud, or (vi)
where it sustains a claim founded on a breach of any law in force in Pakistan.
Section 44A of the Code provides that where a foreign judgment has been rendered by a
court in any country or territory outside Pakistan which the Government has, by notification,
declared to be a reciprocating territory, it may be enforced in Pakistan as if the judgment has
been rendered by the relevant court in Pakistan. The High Court of Justice in England is a
court in a reciprocating territory for the purposes of section 44A and, accordingly, a money
judgment of that court would, subject to the exceptions contained in section 13 of the Code,
be enforceable as if the judgment were the judgment of a district court in Pakistan.
Accordingly, upon obtaining a foreign judgment, three possible courses are open to the
holder:
(a)
obtaining execution of the judgment by proceedings under section 44A, where
these provisions are applicable, as they are in the case of a judgment of the High
Court of Justice in England, for which the limitation period for initiating proceedings in
Pakistan is three years from the date of the English judgment;
(b)
filing a suit in Pakistan on the basis of the foreign judgment treating it as the
cause of action, for which the limitation period is six years from the date of the foreign
judgment; and
iv

(c)
filing a suit in Pakistan on the original cause of action, for which the limitation
period is three years from when the cause of action arises.
In the case of proceedings described in paragraph (c) above, where the Pakistani court will
have the power to assess the damages, it is possible that a Pakistani court will not award
damages on the same basis as a foreign court, especially if it viewed the award of such
damages as being contrary to Pakistani public policy.
Section 82 of the Code requires a decree against the Government to specify a period within
which it is to be satisfied. If it remains unsatisfied at the expiry of such period, the Court
issuing such decree is required to issue a report for the Orders of the Provincial Government
within which such Court is situated. Execution proceedings can only be initiated against the
Government three months after the date of such report.
PRESENTATION OF STATISTICAL AND OTHER INFORMATION
References to Pakistan are to the Islamic Republic of Pakistan and references to the
Government are to the Government of Pakistan. References to the Economic Survey
2016-17 herein are to the Economic Survey 2016-17 published on 25 May 2017 by the
Government of Pakistan, Finance Division, Economic Advisor's Wing, Islamabad. The
Economic Survey, which is published each year a day before the presentation of the
Federal Budget and presents a view on the national economy based on provisional data for
the first three quarters of the fiscal year, is followed by the publication of its Statistical
Supplement, in which the full year data series are provisionally provided. It should be noted
that certain historic data set out herein may be subject to minor amendments as a result of
more accurate and updated information becoming available. References to the Labour
Force Survey 2014-15 herein are to the labour force survey published in November 2015 by
the Government of Pakistan, Statistics Division, Pakistan Bureau of Statistics, Islamabad.
The Labour Force Survey 2014-15 presents information on labour force characteristics that
have been collected from a representative sample of 42,292 households to produce gender
disaggregated national and provincial level estimates with an urban/rural breakdown.
Prospective investors in the Notes should be aware that none of the statistics in this Offering
Circular have been independently verified.
A portion of Pakistan's economy is comprised of an informal, or shadow, economy. The
informal economy is not recorded and is only partially taxed, resulting in not only lack of
revenue for the Government but also ineffective regulation, unreliability of statistical
information (including the understatement of GDP and the contributions to GDP of various
sectors) and inability to monitor a large portion of the economy. Although the Government is
attempting to address the informal economy by streamlining certain regulations, particularly
tax laws, there can be no assurances that such reforms will adequately address the issues
and bring the informal economy into the formal sector.
Although a range of governmental ministries produce statistics on Pakistan and its economy
in accordance with international standards, there may be inconsistencies in the compilation
of data and methodologies. The statistical information in this Offering Circular has been
derived from a number of different identified sources and is based on the latest official
information currently available from the stated source. Several statistics are provisional and
are noted as such where presented. The development of statistical information relating to
Pakistan is, however, an ongoing process, and revised figures and estimates are produced
on a continuous basis. All statistical information provided in this Offering Circular may differ
from that produced by other sources for a variety of reasons, including the use of different
assumptions, methodology, definitions and cut-off times.
Prospective investors in the Notes should be aware that figures relating to Pakistan's
economy and many other aggregate figures cited in this Offering Circular are subject to
revision. Furthermore, standards of accuracy of statistical data may vary from ministry to
ministry or from period to period due to the application of different methodologies. In this
Offering Circular, data is presented as provided by the relevant ministry to which the data is
v

attributed, and no attempt has been made to reconcile such data to the data compiled by
other ministries or by other organisations, such as the IMF. Pakistan produces data in
accordance with the IMF's General Data Dissemination System, although the IMF standard
may not always be consistently applied.
Pakistan has also provided information on certain matters pertaining to documentation that
belongs to independent third parties. In some of these circumstances, Pakistan has relied on
reported information in presenting such matters but is unable to independently verify such
information.
vi

FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Offering Circular, including those under "Summary
 The Islamic Republic of Pakistan", "The Islamic Republic of Pakistan" and "Overview of
Pakistan's Economy", are forward-looking. These statements are not historic facts, but are
based on the Government's current plans, estimates, assumptions and projections. When
used in this Offering Circular, the words "anticipates", "estimates", "expects", "believes",
"intends", "plans", "aims", "seeks", "may", "will", "should" and any similar expressions
generally identify forward-looking statements. Future events may differ materially from those
expressed or implied by such forward-looking statements. Therefore, prospective investors
should not place undue reliance on them. Forward-looking statements speak only as of the
date they are made, and the Issuer undertakes no obligation to update any of them in light of
new information or future events. Forward-looking statements involve inherent risks. The
Issuer cautions prospective investors that many factors could affect the future performance
of the Pakistani economy. These factors include, but are not limited to:
External factors, such as:
interest rates in financial markets outside Pakistan;
the impact of changes in the credit rating of Pakistan;
the impact of changes in the international prices of commodities;
economic conditions in Pakistan's major export markets;
the impact of possible future regional instability; and
the decisions of international financial institutions and donor countries regarding the
amount and terms of their financial assistance to Pakistan, as well as
Internal factors, such as:
general economic, political, social, legal and/or business conditions in Pakistan;
present and future exchange rates of the Pakistani currency;
foreign currency reserves;
natural disasters;
the impact of possible future social unrest or the security situation;
the level of domestic debt;
domestic inflation;
the ability of Pakistan to implement important economic reforms including its
privatisation programme;
the levels of foreign direct and portfolio investment; and
the levels of Pakistani domestic interest rates.
vii

EXCHANGE RATE INFORMATION
Pakistan has had a market-based unitary exchange rate system since May 1999. Under this
unitary exchange rate system, the floating inter-bank rate applies to all foreign exchange
receipts and payments both in the public and private sectors. See "Balance of Payments and
Foreign Trade Exchange Rates".
The following table sets forth the average and period end exchange rates for the periods
presented, expressed in Rupees per U.S. dollar, not adjusted for inflation, as published by
the SBP. The Federal Reserve Bank of New York does not report a noon buying rate for
Rupees.
Period
Average During Period Indicated
Period End
2009-10....................................
83.92
85.51
2010-11....................................
85.57
85.97
2011-12....................................
89.40
94.55
2012-13....................................
96.85
99.66
2013-14....................................
102.88
98.80
2014- 15..................................
101.02
101.73
2015-16...................................
104.24
104.65
2016-17...................................
104.70
104.79
July 2017..............................
105.43
105.32
Aug 2017....................................
105.31
105.26
Sept 2017...................................
105.32
105.33
Oct 2017.....................................
105.34
105.34
Nov 2017(1)..................................
-
105.48
(1) As of 30 November 2017
Source: State Bank of Pakistan
Currency conversions contained in this Offering Circular should not be construed as
representations that Rupees have been, could have been, or could be converted into U.S.
dollars at the indicated or any other exchange rate.
viii

Contents
Clause
Page
PRESENTATION OF FINANCIAL INFORMATION.................................................................................iv
FORWARD-LOOKING STATEMENTS ..................................................................................................vii
EXCHANGE RATE INFORMATION...................................................................................................... viii
SUMMARY............................................................................................................................................... 4
RISK FACTORS .................................................................................................................................... 10
USE OF PROCEEDS ............................................................................................................................ 23
THE ISLAMIC REPUBLIC OF PAKISTAN ............................................................................................ 24
OVERVIEW OF PAKISTAN'S ECONOMY............................................................................................ 42
BALANCE OF PAYMENTS AND FOREIGN TRADE............................................................................ 93
PUBLIC FINANCE AND TAXATION ................................................................................................... 105
PUBLIC DEBT ..................................................................................................................................... 112
TERMS AND CONDITIONS OF THE NOTES .................................................................................... 124
THE GLOBAL CERTIFICATES ........................................................................................................... 143
TAXATION........................................................................................................................................... 147
CLEARANCE AND SETTLEMENT ..................................................................................................... 151
PLAN OF DISTRIBUTION ................................................................................................................... 156
TRANSFER RESTRICTIONS.............................................................................................................. 160
LEGAL MATTERS ............................................................................................................................... 162
GENERAL INFORMATION ................................................................................................................. 163

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