LONDON: Pakistan’s sovereign dollar bonds gained as much as 1.7 cents, Tradeweb data showed on Thursday, after the International Monetary Fund (IMF) gave the official sign-off for a $3 billion bailout.

The 2024 and 2027 maturities notched the strongest rallies, with the latter rising by 1.75 cents by 0629 GMT.

The 2027 is at a 10-month high of just over 53 cents on the dollar, while the 2024 is at its highest in more than a year trading just under 80 cents.

Pakistan, which has been teetering on the edge of default due to an acute foreign currency shortage, also got $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week.