Pakistan

Pakistan's policy rate and debt relief plans on hold

  • SBP held at 15% yesterday amid lower growth (revised down 1-2pp) and higher inflation (revised "slightly" up) forecasts

  • Unchanged current account forecast and US$4bn of new funding support the govt's promises to meet external obligations

  • Request for Paris Club debt relief withdrawn, but policy shift will make it difficult to avoid default; retain Buy

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October 11th, 2022
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