Pakistan is set to repay its $1bn 5.625% bond due December 5, three days before its due date, the nation’s central bank governor Jameel Ahmad said. The bond is currently trading at 97.1 cents on the dollar. He added that funding has been lined up from multilateral and bilateral sources to ensure that the above bond’s repayment would not affect the nation’s forex reserves that have plummeted. Pakistan’s foreign reserves stood at $7.8bn November 18, barely less than a month’s imports. The governor did note that, despite $1.8bn in payments in November, reserves remained stable. An inflow of $500mn is expected next week from multilateral institution AIIB, the governor added.
For the full story, click here
