Pakistan's dollar-denominated govt bonds firm after UAE cash pledge
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).
The dollar-denominated 2024 maturing bond rose by 2.25 cents on the dollar to 48.25.
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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.
