Pakistan: Rate hike provides breathing room but not enough on its own
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Above consensus 150bps rate hike will help reduce inflation and external pressures and buy some space for fiscal reforms
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Current account moderating but large external financing needs mean IMF programme necessary to avoid BOP crisis
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Risks now largely priced in with 10yr eurobond yield at 15.5%. Retain Buy recommendation
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.