New York December 14 2022: Pakistan 5-year Credit Default Swap (CDS) decreased 3,168 basis points in a day to 5,882 basis points on Tuesday 13th December 2022 as IMF indicate that current program is on track.
Pakistan CDS is down 6,507 basis points from its peak of 12,388 basis points hit last month on timely sukuk payment of USD 1 billion.
“Discussions to date under the ninth review of Extended Fund Facility (EFF) have been productive,” said Esther Perez Ruiz IMF country representative in Pakistan.
She said, “Discussions have enabled a revision to the macroeconomic outlook post floods as well as an in-depth evaluation of fiscal, monetary, exchange rate, and energy policies adopted since the completion of the combined seventh and eight reviews.”
She added, “The IMF looks forward to continue the dialogue over policies that adequately address the humanitarian and rehabilitation needs from the floods.”
Moreover, the finance minister also said that Pakistan was seeking financial help from Saudi Arabia, including doubling the current deferred oil payment facility given by Riyadh to USD 2.4 billion per year.
