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THE PRESIDENT of the ISLAMIC REPUBLIC of PAKISTAN for and on BEHALF of the ISLAMIC REPUBLIC of PAKISTAN Global Medium Term Note

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THE PRESIDENT of the ISLAMIC REPUBLIC of PAKISTAN for and on BEHALF of the ISLAMIC REPUBLIC of PAKISTAN Global Medium Term Note THE PRESIDENT OF THE ISLAMIC REPUBLIC OF PAKISTAN FOR AND ON BEHALF OF THE ISLAMIC REPUBLIC OF PAKISTAN Global Medium Term Note Programme This offering circular supplement (the Offering Circular Supplement) has been prepared in order to reflect certain recent developments to the information contained in the Offering Circular (as defined below). This Offering Circular Supplement has been prepared in connection with the Global Medium Term Note Programme (the Programme) of The President of the Islamic Republic of Pakistan for and on behalf of the Islamic Republic of Pakistan (the Issuer). This Offering Circular Supplement is supplemental to, and forms part of and should be read and construed in conjunction with the Offering Circular dated 29 March 2021 (the Offering Circular) and any other supplements to the Offering Circular issued by the Issuer. Capitalised terms used but not otherwise defined in this Offering Circular Supplement shall have the meanings ascribed thereto in the Offering Circular. This Offering Circular Supplement does not constitute a prospectus or supplement for the purposes of a listing or an admission to trading on any market in the United Kingdom (UK) which has been designated as a regulated market for the purposes of Regulation (EU) No 600/2014 on markets in financial instruments as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and has not been approved by the Financial Conduct Authority as competent authority in the UK pursuant to the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019. This Offering Circular Supplement does not constitute a prospectus or supplement for the purposes of a listing or an admission to trading on any market in the European Economic Area (the EEA) which has been designated as a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU, as amended), and has not been approved by the competent authority in any member state of the EEA pursuant to Regulation (EU) 2017/1129. The Issuer accepts responsibility for the information contained in this Offering Circular Supplement and the applicable Pricing Supplement for each Tranche of Notes issued under the Programme. To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case), the information contained in this Offering Circular Supplement is in accordance with the facts, not misleading and contains no omission likely to affect the import of such information. The purpose of this Offering Circular Supplement is: (a) to update the sections in the Offering Circular entitled “Summary”, “Risk Factors”, “The Islamic Republic of Pakistan”, “Overview of Pakistan’s Economy”, “Balance of Payments and Foreign Trade”, “Public Finance and Taxation”, “Public Debt” and “General Information – Litigation”; and (b) to update the “Significant Change” statement set out in the section of the Offering Circular entitled “General Information”. With effect from the date of this Supplemental Offering Circular the information appearing in the Offering Circular shall be amended and supplemented by the inclusion of the information set out herein. The date of this Offering Circular Supplement is 6 July 2021. To the extent that there is any inconsistency between (a) any statement in this Offering Circular Supplement or any statement incorporated by reference into the Offering Circular by this Offering Circular Supplement and (b) any other statement in or incorporated by reference in the Offering Circular, the statements in (a) above will prevail. Save as disclosed in this Offering Circular Supplement, there has been no other significant new factor, material mistake or material inaccuracy relating to information included in the Offering Circular since the publication of the Offering Circular. SUMMARY General (replacing the first sentence set out under caption “Summary – General” on page 1 of the Offering Circular) Pakistan is a federal republic located in south-central Asia between India, China, Afghanistan, Iran and the Arabian Sea. Pakistan's current population estimate for 2020-21 is 211.9 million according to the Pakistan Bureau of Statistics. Recent Macroeconomic and Fiscal Performance (replacing the first paragraph, the table after the first paragraph and the second paragraph set out under caption “Summary – Recent Macroeconomic and Fiscal Performance” on pages 1 and 2 of the Offering Circular) The following table sets out major economic indicators for the past five years: 2016-17 2017-18 2018-19 2019-20 2020-21 Nominal GDP at market prices (Rupees million) 31,922,303 34,616,302 38,086,232(1) 41,556,326(2) 47,709,325(3) GNI at current market prices (Rupees million) 33,665,946 36,462,453 40,636,257(1) 44,799,050(2) 52,222,614(3) GDP at constant basic prices of 2005-2006 (Rupees million) 11,696,934 12,344,266 12,600,651(1) 12,541,834(2) 13,036,381(3) GDP growth at constant basic prices of 2005-2006 (%) 5.2 5.5 2.1(1) (0.5)(2) 3.9(3) Per capita income at factor cost market prices (Rupees) 170,672 181,441 198,565(1) 215,060(2) 246,414(3) Per capita GNI (U.S.$) 1,630 1,652 1,459(1) 1,361(2) 1,543(3) Exports (U.S.$ million) (BoP) 22,003 24,768 24,257 22,536(2) 23,126(3)(4) Imports (U.S.$ million) (BoP) 48,001 55,671 51,869 43,645(2) 47,262(3)(4) Balance of trade (U.S.$ million) (25,998) (30,903) (27,612) (21,109)(2) (24,136) (3)(4) Workers' remittances (U.S.$ million) 19,351 19,914 21,740 23,132 26,737(4) Current account balance (U.S.$ million) (12,270) (19,195) (13,434) (4,449)(2) 153(3)(4) Current account balance (as % of GDP) (4.0) (6.1) (4.8)(1) (1.7)(2) 0.1(3)(4) Overall fiscal deficit (as % of GDP) (5.8) (6.5) (9.0)(1) (8.1)(2) (3.5) (3)(5) Average inflation (%) 4.8(6) 4.7(6) 6.8(6) 10.7(6) 8.9(6) Total investment at current market prices (as % of GDP) 16.2 17.3 15.6(1) 15.3(2) 15.2(3) Household final consumption expenditure at current prices (Rupees million) 26,148,647 28,400,347 31,547,687(1) 32,949,371(2) 38,501,127(3) National savings (as % of GDP) 12.0 11.3 10.8(1) 13.6(2) 15.3(3)(5) 2 (1) Revised. (2) Final. (3) Provisional. (4) For the July 2020 to May 2021 period. (5) For the July 2020 to March 2021 period. (6) Average inflation for 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21 is calculated on new base (2015-16). Sources: The State Bank of Pakistan; Pakistan Economic Survey 2019-20; Pakistan Bureau of Statistics. The last five fiscal years have seen average GDP growth of 3.3 per cent; GDP growth stood at 3.9 per cent in 2020-21, negative 0.5 per cent in 2019-20, 2.1 per cent in 2018-19, 5.5 per cent in 2017-18 and 5.2 per cent in 2016-17. The provisional GDP growth rate for fiscal year 2020-21 is estimated at 3.9 per cent, with the highest growth of 4.4 per cent for services followed by industrial sector (3.6 per cent) and agricultural sector (2.8 per cent). (replacing the ninth (last) paragraph set out under caption “Summary – Recent Macroeconomic and Fiscal Performance” on page 3 of the Offering Circular) In the fiscal year 2020-21, key domestic demand indicators showed significant improvements, particularly with respect to the domestic sale of petroleum products, automobiles and cement, all of which reached or surpassed the pre-COVID-19 levels. Domestic sales of cement reached the highest ever level in October 2020. The sale of automobiles, which were significantly down for a period of 20 months, witnessed a broad-based recovery on a year-on-year basis since July 2020. Electricity sales have also recovered since June 2020 after witnessing a decline during the March to May 2020 period. With respect to the supply-side indicators, the performance of the manufacturing and agriculture sectors also indicated a revival of economic activity. During the July 2020 to April 2021 period, large-scale manufacturing (LSM) grew by 12.8 per cent, in large part due to various measures taken by the Government to support the industrial sector. This improvement was due to better performance of some of the key sectors of LSM, such as automobiles; non-metallic mineral products; chemicals; coke and petroleum products; iron and steel products; pharmaceuticals and food, beverages and tobacco. Ten out of 15 LSM industries recorded positive growth during the July 2020 to April 2021 period as compared to the July 2019 to April 2020 period. In addition, major kharif crops, except cotton, demonstrated encouraging performance. The increase in agricultural output is expected to further strengthen the overall economic outlook in fiscal year 2021-22 because of the linkages of this sector with agriculture-based and export-oriented businesses. The Outbreak of the COVID-19 Pandemic (replacing the text set out under caption “Summary – Recent Developments – The Outbreak of the COVID-19 Pandemic” on page 4 of the Offering Circular) The first case of COVID-19 in Pakistan was reported on 26 February 2020, with an initial lockdown extending from the second half of March 2020 until May 2020. By 2 June 2020, 76,398 cases with 1,621 deaths were reported in Pakistan. In the middle of the first wave of the COVID-19 outbreak in Pakistan, the Sub-committee of the National Coordination Committee for COVID-19 prepared an impact assessment of COVID-19 on the real sector of the economy, which, according to this assessment, was expected to contract by 0.4 per cent in fiscal year 2019-20 as compared to an earlier projection of 3.3 per cent growth.
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