New York August 14 2022: Pakistan 5-year Credit Default Swap (CDS) plunged 1,738 basis points in a day to 1,744 basis points on Wednesday 10th August 2022 as country is inching towards IMF deal.
The CDS is down 1,742 basis points from its peak as per data published by Bloomberg.
Pakistan is likely to signed Letter of Intent for the resumption of IMF program tomorrow according to country’s Finance Minister Miftah Ismail.
Signing of LoI is the only thing left for the board’s approval in reviving the IMF program for Pakistan. It should be noted that the Pakistan will receive payment of USD 1.17 billion from IMF after completion of 7th & 8th review, for which Pakistan has also fulfilled the pre-conditions of the Fund.
Source:
Bloomberg
