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Pakistan and IMF Agree on Terms for $6bn Funding Program; Bonds Inch Up
November 23, 2021
After several months of talks between Pakistan and the IMF, the two parties have finally reached an agreement on the terms of the $6bn funding program. With the completion of the sixth review, Pakistan will now have access to 750mn of IMF special drawing rights (SDRs), worth about $1bn that will take the total disbursements to about $3bn, the IBF said. As part of the deal, Pakistan has vouched to pass a legislation on the autonomy of its central bank as agreed with the IMF. Other actions agreed to by the South Asian country include withdrawal of tax exemptions and subsidies, an increase in the petroleum levy, higher energy tariffs and an audit of ~$1.4bn of funds lent to the country in April last year to tide through the pandemic.
The news was well received by investors as Pakistan’s dollar bonds inched up, with its 7.375% 2031s up ~2 points to 101.58 yielding 7.14%.
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