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Bond Market News
Pakistan’s Dollar Bonds Tick Higher on Budgetary Updates
June 11, 2025
Pakistan’s federal budget for the fiscal year 2025–26, saw them announce a cut in expenditure by 7% YoY to PKR 17.6bn ($62bn). Despite this overall reduction, the defense allocation is set to increase by approximately 20%, from PKR 2.1tn ($7.4bn) to PKR 2.6 ($9.1bn), following the recent conflict with India. Besides cutting overall expenditures, the government also said that it is focusing on development projects and subsidies. Economic growth is projected at 4.2%, up from 2.7% in the current fiscal year. However, experts caution that achieving this target may be challenging due to fiscal constraints and the absence of structural reforms. The fiscal deficit is projected at 4.8% of GDP, down from 5.9% in 2024–25.
its dollar bonds were trading higher by 0.4-0.5 points – for instance its 7.375% 2031s were trading at 87.1, yielding 10.4%.
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