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Imran khan is now the target of forces
Imran khan is now the target of forces
Imran khan is now the target of forces

International

Imran khan is now the target of forces

Imran khan: Pakistani assets have been hit as the government considers action against Khan. Spreads on Pakistan’s dollar-denominated bonds widened on Monday
The government is holding legal consultations on the former prime minister
Pakistan’s dollar-denominated bonds took a hit on Monday, along with its currency and stocks. After the government said it was considering legal action against former prime minister Imran Khan.

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Securities maturing in April 2024 fell, pushing their yield premium over equivalent U.S. Treasuries by more than 90 basis points to 2,823, according to indicative pricing data compiled by Bloomberg. Spreads on other bonds, including 2031 and 2051 debt issued just in last year. It has also expanded, although they remain well below their July highs. The rupee fell 0.9% to 216.66 per dollar, according to central bank data
The political drama threatens to undermine Pakistan’s efforts to persuade the International Monetary Fund

. To release $1.2 billion in funding at a meeting of its governing body later this month. The country has already secured $2 billion in pledges from friendly countries. Such as Saudi Arabia and the United Arab Emirates to plug. Its funding gap as it grapples with fluctuating foreign exchange reserves and some of the fastest inflation in Asia. The country will receive an additional $2 billion from Qatar to help ease financial distress. The central bank said on Monday.
“Pakistani assets (Eurobonds and equities) are undoubtedly cheap,” strategist Tellimer Hasnain Malik wrote in a note on Monday. “But there’s little prospect of any relief from a drop in the domestic political temperature any time soon.”

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Imran khan is now the target of forces
Imran khan is now the target of forces

Interior Minister

During a press briefing on Sunday, Interior Minister Rana Sanaullah said Khan had repeatedly attacked the army, judiciary and police in an attempt to threaten officials and prevent them from carrying out their duties. The government “has taken advice from the law ministry on necessary legal steps,” he added.
Pakistani politics are heating up ahead of elections due next year. Khan has campaigned for early polls since his ouster earlier this year, betting that voters will back his claim that Prime Minister Shehbaz Sharifand and Pakistan’s military conspired with the US to oust him – a claim all three have denied.

Meanwhile, the country’s central bank said on Monday it was leaving its interest rate unchanged at 15%, in line with the expectations of analysts polled by Bloomberg.

Last month, S&P Global Ratings cut Pakistan’s credit outlook to negative from neutral as the country’s external position weakens with higher commodity prices, a depreciating rupee and tighter global financial conditions. Similar moves by Moody’s Investors Service and Fitch Ratings followed.

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