Pakistan’s economy faces yet another blow

Pakistan’s economy faces yet another blow

LONDON - Pakistan's economy faces yet abother blow after the announcement of the Foreign Minister Asad Umar that Pakistan is seeking IMF loan.

The cost of insuring Pakistan’s sovereign debt against default fell 13 basis points on Tuesday after the country’s finance minister Asad Umar said on Monday the government would seek to open talks with the International Monetary Fund this week.

Pakistan 5-year credit default swaps declined to 451 bps after closing at 464 bps on Monday, according to data from IHS Markit.

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