Pakistan’s finance minister Miftah Ismail said that the nation expects to get $4bn in external financing from ‘friendly nations’, after its agreement with the IMF last week on the revival of its bailout package. The finance minister said that Pakistan will get a financing of $1.2bn against a deferred oil payment facility from a friendly country, $1.5-$2bn investment in stocks from another country and also expects some cash deposit and financing against deferred gas payment facility. He added that the Asian Development Bank (ADB) and World Bank will also give it $6bn in funds in the fiscal year beginning July. “We have now averted a potential default”, he said, stating that the pressure on the Pakistani rupee would also ease.
Pakistan’s dollar bonds however, are trading weaker with its 6.875% 2027s down 1.5 points to 58.28.
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