Pakistan’s finance minister sees negative market sentiment subsiding despite devastating floods
Pakistan's next big payment - $1 billion in international bonds - is due in December, and Ismail said that payment would"absolutely" be met.
Pakistan was able to bring an International Monetary Fund programme back on track after months of delay, thanks to tough policy decisions. But the positive sentiment was short-lived before the catastrophic rainfall hit. Ismail said Pakistan will still be able to increase reserves by up to $4 billion, even if the floods hurt the current account balance in more imports, such as cotton, and a negative impact on exports.
"Yes, our credit default risk has gone up, our bond prices have fallen. But...I think within 15 to 20 days, the market will normalise, and I think will understand that Pakistan is committed to being prudent."
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