Pakistani rupee finally ended its weeks-long losing streak against the US dollar with considerable appreciation of in the inter-bank market on Thursday.
During the intra-day trading, the local currency witnessed gains against the greenback, as PKR appreciated. The rupee hovered by Rs1.68 and hovered around 286.46.
In previous sessions, the rupee moved down and on Wednesday, the local unit settled at 288.14 against the USD.
Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on the first review under the South Asian country’s Stand-By Arrangement (SBA), the international lender said in a statement on Wednesday.
“The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the IMF’s US$3 billion (SDR2,250 million) SBA (Press Release No. 23/261),” it added.
The agreement is subject to approval of the IMF’s Executive Board. Upon approval, around US$700 million (SDR 528 million) will become available bringing total disbursements under the programme to almost US$1.9 billion.
An IMF team, led by Nathan Porter, visited Islamabad from November 2-15, 2023, to hold discussions on the first review of Pakistan’s economic programme supported by SBA.
“Anchored by the stabilisation policies under the SBA, a nascent recovery is underway, buoyed by international partners’ support and signs of improved confidence. The steadfast execution of the FY24 budget, continued adjustment of energy prices, and renewed flows into the foreign exchange (FX) market have lessened fiscal and external pressures,” the IMF said.
Also today, IMF Mission Chief Nathan Porter and IMF Resident Representative for Pakistan Esther Perez called on Caretaker Prime Minister Anwaar-ul-Haq Kakar.
https://en.dailypakistan.com.pk/15-Nov-2023/pakistan-imf-reach-staff-level-agreement-on-first-review-for-the-9-month-stan-by-arrangement
