The Pakistan Stock Exchange opened on Monday morning negative index due to anxiety about Pakistan’s foreign exchange reserves and the IMF’s ninth assessment, which seems in limbo.
Pakistan’s FX reserves were $7.5 billion for the week ending November 25 – barely enough for a month’s imports.
Since the government returned a $1 billion international Sukkuk bond three days early and received $500 million from the Asian Infrastructure Investment Bank.
Saudi Arabia extended its $3 billion deposit in Pakistan’s reserves.
According to indicative pricing data compiled by Bloomberg, the price of the notes rose to 98.9 cents on Friday, marking a nearly 16-cent rebound from October’s record low of 83 cents.
The early payment helped avoid a near-term default, but questions remain regarding the company’s capacity to pay its long-term debt.
Ahmad said that Pakistan must return approximately $25 billion in the fiscal year 2022-23, but the majority of this debt has been refinanced or repaid.
