Pakistan’s sovereign dollar bonds declined ~14% as the new finance minister Ishaq Dar vowed on Wednesday to bring down interest rates and fight inflation. The minister said that the PKR currency undervalued and promised to take a strong response for economic crisis. It is Dar’s fourth stint as finance minister and he replaced his predecessor Miftah Ismail who quit earlier this week. With the nation being hit by devastating floods, its overall finances have only weakened, with forex reserves covering barely one month of imports. As of August, inflation was at a 47-year high of 27.3%. Pakistan’s dollar bonds continuously falling since its Prime Minister Shehbaz Sharif said that “all hell will break” if they do not get a “substantial relief” on their debts.

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