PKR, economic growth outlook to improve following IMF aid

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

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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.

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