Pakistan’s dollar bonds up 4 percent on IMF support

LONDON: Pakistan’s dollar-denominated government bonds rallied as much as 3 cents, or roughly 4 percent, on Friday as they continued to benefit from signs of ongoing International Monetary Fund support.

Pakistan’s Caretaker Finance Minister Shamshad Akhtar told reporters on Thursday that the country would have to remain in IMF programmes when its current $3 billion Stand By Arrangement (SBA) expires in March next year.

Speaking a day after the Pakistan had unlocked $700 million of its current IMF SBA, she also reiterated that Pakistan’s commitment to adhere to the Fund’s reforms programme to ensure the country remained on a narrow path towards stability.