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<ul><li><keyword id="3001" type="General" weightage="80" keywordseo="pakistan" source="Orion">Pakistan</keyword> is scheduled to pay $1 billion on December 5 against the maturity of five-year sukuk, or Islamic bonds.</li><li>The country requires $32 billion to $34 billion this fiscal year to meet its foreign obligations.</li><li>Financial experts said the country still needed about $23 billion through the remaining fiscal year.</li></ul> Pakistans default risk as measured by five-year credit-default swaps (<keyword id="55704" type="General" weightage="80" keywordseo="cds" source="Orion">CDS</keyword>), insurance contracts that protect an investor against a default, rose sharply amid political turmoil and uncertainty about talks with the <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (<keyword id="6355408" type="General" weightage="50" keywordseo="imf" source="Orion">IMF</keyword>). The CDS soared to 75.5 per cent on Wednesday from 56.2pc a day ago, <keyword id="59588" type="General" weightage="100" keywordseo="dawn" source="Orion">Dawn</keyword> news reported citing data provided by research firm <keyword id="15541226" type="General" weightage="50" keywordseo="arif-habib-limited" source="Orion">Arif Habib Limited</keyword>. Official sources in Washington said last week the schedule for talks between Pakistan and the IMF had been readjusted, but the negotiations are continuing. Media reports, however, claimed that the talks that were scheduled to begin in early November had been postponed until the third week of this month. According to these reports, the talks would resume after Pakistan fulfilled its pledge to adjust sales tax on petroleum products and took other measures required under a loan agreement revived earlier this year. But official sources told Dawn news said the talks were rescheduled after last month's release of a <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> report on flood damages in Pakistan. Pakistan is scheduled to pay $1 billion on December 5 against the maturity of five-year sukuk, or Islamic bonds. Finance Minister <keyword id="884324" type="General" weightage="50" keywordseo="ishaq-dar" source="Orion">Ishaq Dar</keyword> has repeatedly assured for sukuk payment, but the international market is not ready to rely on assurances as the country's economy struggles to avoid default by borrowing more from the markets, donors, commercial banks and friendly countries, Dawn reported. The day-to-day increase in the CDS reflects a grave situation, making it increasingly difficult for the government to raise foreign exchange from markets either through bonds or commercial borrowings. The country requires $32 billion to $34 billion this fiscal year to meet its foreign obligations. Financial experts said the country still needed about $23 billion through the remaining fiscal year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/diabetes-care-platform-beato-raises-33-million-in-a-series-b-funding-round/articleshow/95552848.cms">Diabetes care platform BeatO raises $33 million in a series B funding round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/attempts-being-made-to-forget-rich-nations-historical-contribution-india-at-cop27/articleshow/95573665.cms">Attempts being made to forget rich nations' historical contribution: India at COP27</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/the-most-used-and-common-passwords-in-india-in-2022/slidelist/95572960.cms">It takes less than a second to crack these commonly-used passwords</a>

Pakistan's default risk soars amid political turmoil says a Dawn news report

<keyword id="3001" type="General" weightage="50" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9 per cent over five working days to 219.92 PKR to a dollar on expectation of significant foreign currency inflows. "The rupee remained the best performing currency on a week-on-week basis," The Express Tribune quoted Arif Habib Limited Head of Research Tahir Abbas as saying. Friday was the 11th consecutive working day for the Pakistan rupee when it maintained the winning streak since the current <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister Ishaq <keyword id="6771714" type="General" weightage="80" keywordseo="dar" source="Orion">Dar</keyword> announced his return to to the country by ending a five-year self-exile last month. Apparently, after taking over, Dar resumed his old policy of protecting the rupee against the onslaught of the US dollar. He found the rupee undervalued at July's all-time low of nearly 240 to a dollar and suspected the manipulation of the rupee value by commercial banks to serve vested interests. A probe in this regard is underway. Speculation is rife that the rupee will resume its downturn in the backdrop of strengthening US dollar against many major world currencies, bouncing back of global crude oil prices to above $90 per barrel, fears of recession in <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, drop in Pakistan's foreign currency reserves and no significant increase in the country's exports, according to experts. Earlier, the domestic currency remained highly volatile since March this year as it somersaulted from the world's best performing currency to become the worst and again became the best performing in the past seven days. Before Dar's return, the rupee lost almost 12 per cent in 15 successive working days to an all-time low of around 240 PKR in late July on increased risk of default on debt repayment, for instance, in the case of $1 billion Sukuk maturing on December 5, 2022. Dar also partially blamed his predecessor Miftah Ismail's policies for the mess in the domestic economy. Ismail, however, had been praised earlier for taking tough decisions to steer Pakistan away from the risk of default and persuade the IMF to resume its loan programme, The Express Tribune reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

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Pakistan's default risk soars amid political turmoil says a Dawn news report

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Pakistani rupee becomes 'world's best performing currency'

IANS

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