PKR, economic growth outlook to improve following IMF aid

MG News | November 16, 2023 at 03:31 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

November 16, 2023 (MLN): The Pakistani rupee (PKR) outlook should improve following the International Monetary Fund’s preliminary approval for the release of the next loan tranche under the current $3 billion loan program, as Bloomberg reported.

Upon approval, Pakistan will have access to SDR 528 million, which is around $700 million.

The decision suggests that the country has made progress on IMF conditions such as fiscal consolidation and keeping the rupee flexible, Bloomberg added.

Before reaching the decision, the IMF is also likely to have secured assurances from other creditors that they will also lend money.

The positive news strengthened the rupee by about 0.3% versus yesterday's close.

The aid should also boost growth by financing the purchase of imports and helping industrial production.

As per Bloomberg, the GDP is expected to grow 2.3% in the current fiscal, up from 0.3% in fiscal 2023.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	182,117.87 111.98M	0.40% 719.65
ALLSHR	109,584.77 258.01M	0.35% 377.68
KSE30	54,346.62 56.20M	0.46% 248.12
KMI30	260,509.73 52.48M	0.59% 1526.94
KMIALLSHR	71,099.35 148.27M	0.30% 213.36
BKTi	49,561.70 7.75M	0.26% 128.10
OGTi	37,313.51 3.18M	0.46% 169.64

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,935.00	66,160.00 64,825.00	-765.00 -1.16%
BRENT CRUDE	79.10	79.57 77.75	0.14 0.18%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	7.50 6.49%
ROTTERDAM COAL MONTHLY	125.50	0.00 0.00	-0.40 -0.32%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	75.37	76.06 74.09	0.10 0.13%
SUGAR #11 WORLD	14.24	14.33 14.22	-0.07 -0.49%