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Bond Market News
IMF to Provide Pakistan with $500mn Budget Support
March 25, 2021
The IMF said it approved a $500mn disbursement to Pakistan for budget support. This is part of a bailout program to avoid bankruptcy two years back amounting to SDR 4.27bn (~$6bn) where the IMF had completed delayed reviews. The IMF said overall disbursements under their Extended Fund Facility (EFF) is now at $2bn since its approval in 2019. “The Pakistani authorities have continued to make satisfactory progress under the Fund-supported program, which has been an important policy anchor during an unprecedented period,” IMF Deputy Managing Director Antoinette Sayeh said. Last week, Pakistan hired bankers for an offshore bond. Pakistan’s bonds are trading higher, with its 7.875% 2036s up 0.6 to 104 and its 6.875% 2027s up 0.5 to 105.13, yielding 7.4% and 5.9% respectively.
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