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Pakistan Set to Receive $4bn from ADB, AIIB, WB, UN
October 11, 2022
Pakistan’s central bank deputy governor, Murtaza Syed announced on Monday that the sovereign is set to receive $4bn in additional funding from multilateral lenders, as the country is grappling with the aftermath of heavy floods. He added that $1.5bn is expected from the Asian Development Bank (ADB), $1bn from the World Bank, $1bn from the United Nations in flood aid and $500mn from the Asian Infrastructure Investment Bank. The announcement came following the central bank’s policy meeting, where it kept rates unchanged at 15%. Governor Jameel Ahmad said that there was “no question” over Pakistan meeting its debt payments, adding that the sovereign will make the $1bn bond repayment in full in early December, in addition to the $4.6bn of payments already made this fiscal. Investors seem less confident, given that Pakistan’s $1bn 5.625% December 2022s are currently trading at ~86 cents on the dollar. Ahmad went on to say that the country will focus on boosting its reserves to $16bn by the end of its current financial year (ending June 2023) from $7.8bn currently.
Pakistan’s 7.95% 2029s traded 1.6 points lower to 62.84 to yield 18.05% currently.
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