UAE's Cash Pledge Boosts Demand for Dollar-Denominated Govt Bonds

Pakistan's dollar-denominated government bonds jumped more than 2 cents to the highest level in a month on Friday after the United Arab Emirates confirmed $1 billion in financial support.

The commitment to funding, confirmed by Pakistan's finance minister on Friday, eliminates a major impediment to obtaining a long-awaited bailout tranche from the International Monetary Fund (IMF).

Pakistan looks to issue US dollar-denominated Sukuk bonds

The 2024 maturing bond climbed 2.25 cents on the dollar to 48.25 cents. The IMF staff-level deal has been delayed for months, and Pakistan needs a $1.1 billion payment tranche to handle an acute balance of payments problem.

The 2024 maturing bond reached 2.25 cents on the dollar to 48.25 cents. The IMF staff-level deal has been delayed for months, and Pakistan needs a $1.1 billion payment tranche to handle an acute balance of payments problem.