KARACHI – The Pakistani rupee gained against US dollar on Tuesday after the International Monetary Fund (IMF) revived the loan programme for cash-strapped South Asian country facing massive floods due to record monsoon rains.
The greenback dropped by Rs2.42 against local currency during trading in the interbank market where the dollar was recorded at Rs219.50 around 10 am.
A day earlier, dollar witnessed an upward trend as rupee lost its ground by Rs1.26 to close at Rs221.92 in the interbank market.
The global lender on Monday approved the bailout package for Pakistan, in a massive relief to the government as cash strapped country is facing recent floods and economic uncertainty.
Finance Minister Miftah Ismail confirmed the development, saying “Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.”
The development comes as the South Asian nation met all prior actions proposed by the global lender. The ruling alliance also faced the wrath of distressed pubic after increasing the petroleum prices.
The EFF programme, which was stalled along with another financing, was crucial for the South Asian nation that is desperately seeking dollar inflows amid a looming economic crisis.
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