New York November 14 2022: Pakistan 5-year Credit Default Swap (CDS) increased 394 basis points in a day to 6,419 basis points on Friday 11th November 2022 as country reserves fall by a billion in a week and delay in negotiations with IMF for the release of next tranche.
The CDS is up 4,210 basis points in a month time as per data published by Bloomberg.
The schedule for talks between Pakistan and the International Monetary Fund (IMF) has been rescheduled to third week of November but the negotiations are continuing, reported by DAWN.
SBP foreign exchange reserves for the week ending November 4 2022, were decreased by USD 956 million to USD 7,957 million as per data released by the Central Bank.
Reserves decline due to external debt payments includes repayment of Governments commercial loans, according to State Bank of Pakistan. However, refinancing of these loans is in process which will improve foreign exchange reserves in the coming weeks.
