Five Chinese firms have placed bids to work on Pakistan’s issuance of Panda Bonds, the finance ministry said on Thursday.

Three Chinese law firms and two credit agencies had submitted bids in response to the government’s advertisement for help to launch bonds in the Chinese market that the finance minister has previously said could be worth up to $300 million.

Two Pakistani firms had also applied, the statement added, saying the government was considering the bids and would make a decision “in due course”.

Finance Minister Muhammad Aurangzeb visited Beijing for talks last week where he signalled he might discuss the bonds.

Pakistan, which last month signed a $7 billion loan programme with the International Monetary Fund, is seeking to shore up its sources of financing as it tries to meet IMF requirements and improve its current account deficit.

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In June, Aurangzeb told Reuters that Pakistan plans to raise up to $1 billion through international bonds in the 2025/26 fiscal year and up to $300 million will be raised through Chinese markets.

“The first bond market we will access is the Chinese panda bond market, and our inaugural bond will raise the yuan equivalent of $250-300 equivalent,” said Aurangzeb.

He said once Pakistan’s investment ratings improve, the ministry plans to tap European and other markets, he added.