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Print Print edition: 2023-04-15

Dollar-denominated govt bonds firm after UAE cash pledge

Published April 15, 2023 Updated April 15, 2023 08:54am
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By Reuters
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LONDON: Pakistan’s dollar-denominated government bonds rose by more than 2 cents to highest level in a month on Friday after the United Arab Emirates has confirmed financial support of $1 billion.

The support pledge, confirmed by Pakistan’s finance minister on Friday, removes key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund (IMF).

Pakistan looks to issue US dollar-denominated Sukuk bonds

The dollar-denominated 2024 maturing bond rose by 2.25 cents on the dollar to 48.25. Sign-off on the IMF staff-level pact has been delayed for months, and Pakistan needs the release of a $1.1 billion payment tranche to resolve an acute balance of payments crisis.

Pakistan Economy uae IMF Dollar US dollar Dollar IMF and Pakistan financial support government bonds

Comments

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Tulukan Mairandi Apr 15, 2023 10:30am
A $48 bond rises by a measly $0.025 when UAE gives $1b pledge. It means that the market knows that neither UAE nor anyone can save Pakistan from default and balkanization.
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Pakistani1 Apr 15, 2023 02:52pm
@Tulukan Mairandi, in their quest to appear neutral, Business Recorder is allowing people with ill feelings for Pakistan to spread venom in a respectable Pakistani newspaper. Try putting a negative comment about India in an Indian newspaper and your comments will never be published.
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Eoroni Jala Apr 15, 2023 04:17pm
@Pakistani1, but frankly, a 2 cent increase on a $48 paper is not even news-worthy!
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