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Bond Market News

Pakistan Secures over $9bn in Pledges from International Lenders for Floods

Pakistan has secured over $9bn in pledges from international lenders and governments after a donors conference to help the nation in recovering from the massive floods it faced last year. The Prime Minister said that pledges of $4.2bn from the Islamic Development Bank, $2bn from the World Bank and $1bn from Saudi Arabia were made. With forex reserves dropping to $4.5bn of late, Pakistan was in need of funds especially to address the impact of the floods which was estimated to cost them about $16.3bn.

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