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Pakistan dollar bonds rally as IMF clears $3bn bailout

July 13, 2023 at 3:07 pm | Economic Affairs

July, 13(E. A Report) — Pakistan’s sovereign dollar bonds gained as much as 1.7 cents, Tradeweb data showed on Thursday, after the International Monetary Fund (IMF) gave the official sign-off for a $3 billion bailout.
The 2024 and 2027 maturities notched the strongest rallies, with the latter rising by 1.75 cents by 0629 GMT.
The 2027 is at a 10-month high of just over 53 cents on the dollar, while the 2024 is at its highest in more than a year trading just under 80 cents.
Pakistan, which has been teetering on the edge of default due to an acute foreign currency shortage, also got $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week.

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