November 9, 2021 (MLN): The upsurge of US Dollar (USD) continued again as it hit 172 against the Pakistani Rupee (PKR) in intraday trade on Tuesday in an interbank market. The home currency has so far depreciated by 1.49 rupee owing to the prevailing uncertainty over the IMF's final decision.
The dollar was being quoted at 171.95/ 172 (12:31 PST) compared to the previous day’s close of 170.51.
The market keeps waiting for clarity on the resumption of the USD 6 billion International Monetary Fund (IMF) program under the Extended Fund Facility (EFF) for Pakistan.
The review is in the last stage. According to the media news, the resumption of the $6 billion stalled IMF program for Pakistan depends on the stamp clearance of two IMF departments; Strategy, Policy and Review Department, and Legal Department before sending it to the Fund's Executive Board for approval.
Given the current economic scenario, the ongoing debate about the Good, the Bad, and the Ugly economic policies is a meaningless exercise.
“Whether we like it or not, to borrow IMF funds, our primary aim is policy adjustment and fulfill the IMF conditions. This is why financing is based on Quarterly installments,” Asad Rizvi, the Former Treasury Head at Chase Manhattan said.
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