The International Monetary Fund (IMF) has said in an email that the fund’s executive board meeting regarding Pakistan will be held on July 12. IMF deal has succesfully happened at staff level.
Pakistan on Friday secured a $3 billion standby arrangement (SBA) from the International Monetary Fund, giving the country on the brink of default a major reprieve.
The staff-level agreement on the standby arrangement is subject to approval by the IMF’s Executive Board.
It may be noted that the previous Exploratory Fund facility expired on June 30, while the 9th, 10th and 11th reviews are pending.
On the one hand, the staff level standby agreement between Pakistan and the IMF has been described by experts as a good omen for the economy.
On the other hand, this agreement will bring a storm of inflation, while the possibility of an increase in the prices of petroleum products including electricity and gas cannot be ruled out.
Experts say the agreement will bring balance of payments and help boost foreign exchange.
Pakistan is expected to receive the first installment of the loan in July.
Economists terming it as a positive sign for the country, they say that the temporary problem has been solved, if the IMF had not agreed, there would have been a storm of more inflation.
Economists have demanded the government to take effective and timely measures for a sustainable future economy.
Experts say that in order to reduce dependence on debt and increase exports, the confidence of all stakeholders has to be restored.
IMF Review Mission Visits Pakistan: What to Expect?
The IMF review mission will visit Pakistan on Thursday and the delegation will stay in Pakistan for 2 weeks. According to sources, the IMF delegation will hold talks with the Ministry of Finance, Energy and other regulatory bodies and the State Bank.
According to the sources, the IMF delegation will hold talks with the FBR and the provincial governments. Pakistani officials are hopeful that the talks will be successful. According to the sources, about 90 billion rupees have been distributed under BISP in the first quarter.
Pakistan has to clarify its position on the issue of external financing. According to the sources, the IMF has expressed concerns on external financing, while there are also differences on the issue of currency exchange and the IMF has also demanded the withdrawal of the December 2022 circular to control imports.
According to the sources, to reduce the revolving debt of the energy sector, Pakistan has increased the price of electricity and gas, the foreign exchange reserves are also in accordance with the demand of the IMF and the current account deficit of Pakistan is also according to the conditions of the IMF. According to According to the sources, the debt of the government from the State Bank is about 41 billion rupees.
FBR has collected Rs 66 billion more than the target set for tax collections till October, which is in line with the set limit.
The USD continues to soar, Today’s usd to pkr rate
The trend of increasing the value of the dollar continues in the currency market. On the third day of the business week, the rise in the value of the dollar and the flight of the rupee have been reined in.
At the start of business, the dollar has become more expensive by 52 paise in the interbank market, after which the dollar has been priced at Rs 282. While in the open market, the dollar became more expensive by 50 paise to 283 rupees.
On the other hand, the positive trend of business in the stock exchange is maintained, the 100 index of the Pakistan Stock Exchange increased by 348 points.
During the trading, the index crossed the level of 52 thousand and is trading at the level of 52 thousand 268.
Breaking News: Pakistan Stock Exchange Hits 52,000 Points After 6 Years
In the stock market, the index reached 52 thousand after 6 years.
The bullish trend continued in Pakistan Stock Exchange on Tuesday and with an increase of 570 points the index reached above the level of 52000 points after six years. According to analysts, this is due to the Central Bank of Pakistan’s decision to keep interest rates at current levels, followed by the November 2 visit of the IMF review mission to Pakistan under the Standby Arrangement Program for Pakistan. The expected release of the next tranche of loans has created positive trends in the stock market.
Sheikh Mujeebur Rahman vs. Imran Khan: Paths to Power
Govt Latest Jobs in Pakistan | Apply Now
Pakistan Most Searched Google 2023 Topics
Wapda Jobs: 100+ Vacancies Available: How to Apply for WAPDA Jobs:
Elon Musk vs Mark Zuckerberg UFC Battle Cage Match
Anti Sleep Glasses For Drivers | What is the Story Behind Bisma’s Achievement
Imran Khan News6 months ago
Details of Imran Khan’s diet and facilities in Attock Jail
Sports5 months ago
PCB is turning into POLITICAL CRICKET BOARD, That’s not good
Sports4 months ago
Babar Azam’s Whatsapp message Leaked, Zaka Ashraf denied rumors
Latest News4 months ago
Are KPK government employees facing salary cuts?
Sports5 months ago
Players Stats of Pakistan Squad for World Cup 2023
Latest News4 months ago
Asif Zardari Predicts the next Prime Minister of Pakistan
Imran Khan News4 months ago
Chief Justice Rejects Imran Khan’s Bail Application in Cipher Case
Govt Jobs7 months ago
Government of Pakistan Latest Jobs in Punjab Police