Pakistan's Finance Minister Muhammad Aurangzeb has said "all options are on the table" to replace a $3.5 billion facility from the United Arab Emirates, which Islamabad is expected to repay this month, potentially straining its foreign reserves and its $7 billion IMF programme targets. Speaking on the sidelines of the IMF/World Bank spring meetings, Aurangzeb outlined a range of alternatives — including eurobonds, Islamic sukuk, dollar-settled rupee-linked bonds, and commercial loans — and confirmed Pakistan plans to issue its first Panda bond (debt denominated in Chinese yuan) worth $250 million next month, backed by multilateral development banks. The minister also said the economic shock of the ongoing Middle East conflict had highlighted the need for strategic petroleum and LPG reserves, and a faster transition to renewable energy, while leaving open the possibility of seeking adjustments to Pakistan's existing IMF lending arrangement depending on how regional conditions develop.