Pakistan gets IMF initial approval for US$3b loan programme
WASHINGTON – Pakistan clinched an initial approval from the International Monetary Fund for a US$3 billion loan programme, lowering the risk of a sovereign default.
Pakistan dollar bonds due 2031 surged on Friday in Asian trading, with the notes climbing 1.6 US cents to about 43 US cents on the dollar. “It will be important that the budget is executed as planned, and the authorities resist pressures for unbudgeted spending or tax exemptions in the period ahead,” said mission chief Nathan Porter.
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