Pakistan’s dollar-denominated government bonds slipped by as much as 1 cent on Thursday, after the country’s election commission announced a 2-month delay to the upcoming national vote.

The Election Commission of Pakistan announced that the national election will be held in the last week of January, 2024 instead of in November.

Most of its sovereign bonds slid lower, but the 2031 maturity fell by the most with of drop of just over 1 cent.

Pakistan faces a funding crunch and is widely expected to need a longer-term support programme from the International Monetary Fund after the election.