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Bond Market News

IMF Broadly Agrees to Extend Pakistan Loan for One Year

IMF has “largely agreed”  to extend its current loan program to Pakistan for another one year, according to Miftah Ismail, Pakistan’s finance minister. Details however would be deliberated and decided next month during a mission visit to Pakistan and thus no confirmation has been made yet. The update comes after IMF suspended its loan to Pakistan after political troubles that led to ousting Imran Khan, the then President. Bloomberg notes that talks had slowed down after unfunded subsidies including the likes of fuel prices subsidies whilst resorting to power cuts.

Pakistan’s dollar bonds were slightly higher with its 7.375% 2031s at 74.04, yielding 12.22%.

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