Pakistan Says It’s Shut Out of Bond Markets With IMF Only Resort
- Bond prices near record low make it unfeasible: finance chief
- Needs as much as $37 billion in foreign loans in next FY
Parliament House in Islamabad, Pakistan.
Photographer: Asad Zaidi/BloombergThis article is for subscribers only.
Pakistan’s government is unable to secure funding from the global bond market and commercial banks, making it even more important to secure an agreement with the International Monetary Fund, Finance Minister Miftah Ismail said.
Pakistan’s dollar bonds, which reached a record low this month, gained on Friday after the government raised fuel prices, a key benchmark for the IMF to resume its loan program. Pakistan is seeking to secure a staff-level agreement with the fund in June.