Pakistan is expected to access Chinese capital markets for ​the first time through a yuan-denominated bond ‌next week, Finance Minister Muhammad Aurangzeb said on Saturday.

“God willing, next week you will hear good news that ​for the first time, we will be ​accessing Chinese capital markets through Panda bond,” ⁠he said at a press conference.

The $250 million ​issue, the first of a planned $1 billion programme, ​will be backed by the Asian Development Bank and the Asian Infrastructure Investment Bank.

Aurangzeb said Pakistan’s economy was showing ​signs of recovery, including rising exports and ​remittances, despite the war in Iran and closure of the ‌Strait ⁠of Hormuz placing massive strain on the country, which relies heavily on imported fuel and gas.

The finance minister’s comments follow the release of about $1.32 ​billion in ​fresh funding by ⁠the International Monetary Fund from two loan disbursements under two ongoing programmes.

Pakistan ​was weighing Eurobonds from other countries and ​commercial ⁠debt to replace a $3.5 billion facility from the United Arab Emirates and manage its foreign reserves ⁠until ​Saudi Arabia provided $3 billion in ​additional support to bridge the multi-billion-dollar gap in its finances.