Pakistan Local Currency Bond Market Plan Unveiled as $1.2bn IMF Review Begins
The Pakistan local currency bond market plan published on Tuesday, September 29, would widen public access to treasury bills and bonds and loosen the grip commercial banks hold on sovereign debt. The Finance Division released it to meet an end-September commitment under the country's IMF programme, on the day an IMF staff mission began its latest review in Islamabad.
The timing carries financial weight. Dawn reported that a successful review would make Pakistan eligible for about $1.2 billion: $1 billion under the Extended Fund Facility and $200 million under the Resilience and Sustainability Facility. Dawn put the likely release at the end of October or early November, and said Pakistan may need waivers from the IMF executive board for missed structural targets.
Why the Pakistan loc...