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Bond Market News

Pakistan’s Dollar Bonds Inch Up on $700mn IMF Agreement

November 16, 2023

Pakistan has reached a staff-level agreement with the IMF in its first bailout review, having received a $700mn approval from the fund’s executive board. The total disbursements under the program would almost touch $1.9bn following the $700mn approval. In June, the IMF executive board had approved a 9-month standby arrangement to support Pakistan’s economic stabilization wherein, an immediate disbursement of $1.2bn was made out of the $3bn bailout program. The remainder was decided to be phased over the bailout program’s duration subject to two quarterly reviews. The latest update comes after the IMF MD, Kristalina Georgieva had said that the agreement to release the second tranche of funds was expected this week.

Pakistan’s dollar bonds inched higher, with its 8.25% 2025s up 0.8 points to 74.8 cents on the dollar, yielding 26.2%.

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