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Pakistan dollar bonds jump after fuel price hike paves way for IMF funds

Pakistan dollar bonds jump after fuel price hike paves way for IMF funds

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

LONDON : Pakistan's sovereign dollar bonds jumped more than 3 cents on Friday after the government announced a decision to hike fuel prices, a move expected to unlock more funding from the International Monetary Fund (IMF).

The 2027 bond gained 3.5 cents to trade at 72.26 cents in the dollar while the more liquid 2025 bonds are up 3.4 cents, Tradeweb data showed.

Pakistan on Thursday announced it will hike fuel prices so that it can resume receiving aid from a $6 billion package signed with the IMF in 2019.

Prices will rise by 20 per cent starting Friday.

Source: Reuters

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