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Pakistan’s Dollar Bonds Rally on IMF Support for Second Stand-by Loan
March 11, 2024
Pakistan’s dollar bonds rallied by ~2 points across the curve on Friday after the IMF noted that it will support a second stand-by arrangement loan review shortly after the nation forms a new cabinet. The multilateral lender said that it was looking forward to working with the newly formed government on policies to ensure macroeconomic stability. The newly elected prime minister was expected to name his cabinet members on Friday, but there is no update yet. The IMF backing comes at a time when its $3bn stand-by arrangement with Pakistan last year would see the program’s funds run out in April.
Its 7.375% 2031s were up over 2 points to 77.83, yielding 12.13%
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