The executive board of the International Monetary Fund (IMF) will meet on July 12 to review, and possibly endorse, a $3 billion Standby Arrangement (SBA) for Pakistan, finalised last week. Pakistan expects the board also to release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon board approval. Pakistan was absent from an earlier schedul
The Pakistani rupee gained over Rs10 against the US dollar in the interbank market on Tuesday, in the first trading session after the country secured last-minute funding from the International Monetary Fund (IMF). According to the State Bank of Pakistan (SBP), the local currency closed at Rs275.44 per dollar, up 3.83 per cent. The rupee stood closed at 285.99 against the dollar on June 27. M
The stock market witnessed the highest single-day gain on Monday with the benchmark KSE-100 index rising more than 2,400 points following the agreement with the International Monetary Fund (IMF). The index was up 2,414 points at 43,867 at 11:30 am. It closed at 43,899 points, up 2,446.32 points from Friday’s close of 41,452.68. “Historic day-on-day gain witnessed at PSX today with KSE-100 in
THE finance ministry’s new three-year, medium-term debt management strategy aimed at raising long tenor foreign official and commercial loans and securing debt relief from commercial creditors is a tad optimistic, despite the agreement with the IMF on a $3bn short-term facility. The plan seeks to meet Pakistan’s external financing needs through long tenor bonds and concessional multilateral flo
HE euphoria that greeted the IMF Staff-Level Agreement on a new nine-month Stand-by Arrangement (SBA) of $3 billion was understandable. The economy was facing near-certain default and was in the midst of a deep slump, with little or no growth last financial year. This was accompanied by unprecedented inflation of 35 per cent, causing the IMF to insist on hiking interest rates further to an all-