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Pakistan is set to receive ~$1.32bn in loan tranches from the IMF. Pakistan would be able to draw around $1.1bn under the Extended Fund Facility and about $220mn under the Resilience and Sustainability Facility, lifting total disbursements under the two ongoing programmes to about $4.8bn. The country is on a $7bn IMF program and reached a staff-level agreement in March. The IMF noted Pakistan has made meaningful progress in stabilizing its economy despite a tough global backdrop, including the Middle East conflict. The funds come as Pakistan faces economic stress from rising oil costs, which prompted a surprise central bank rate hike. The country’s foreign reserves are also under strain, with Saudi Arabia offering $3bn in aid while the UAE simultaneously sought repayment of a similar amount.
Its 7.375% 2031s traded stable at 98.1, yielding 7.85%
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