KARACHI: Pakistani currency strengthened on on Friday and rebounded by Rs 1.81, leaving up up to Rs 200.20 against United States dollar in inter-bank market on Friday, the final two-week free fall.
Similarly, the Pakistani Stock Exchange rose 2.25% (or over 950 points) up to 43 497 points just before noon.
recovery comes after Finance Minister Miftah Ismail announced raise prices of oil products for 30 rubles per liter last night with effect from Friday (today). Rise expected to follow of multi-billion dollardollar loan program of the International Monetary Fund (IMF), which was on eleven month hold while Pakistan needs over $7 billion to repay foreign debt and finance current account deficit over in next months.
The IMF is now expected to publish next tranche of 1 billion dollars soon.
global creditor conditional on renewal of $6 billion aid package when turning of definite government policies, including fuel subsidies and exemptions of tax amnesty scheme and requirements for increase in electricity tariffs, introduction of new taxes and providing budgetary savings aimed at bringing down alleged primary budget deficit of 1.3 trillion rupees to the previously agreed limit of Surplus of 25 billion rupees.
In addition, friendly countries and other multilateral lenders also Islamabad’s new funding is expected to be announced.
China and Pakistan confirmed their support for each other’s “core interests and core concerns”, while promising to further enhance the economic and defense cooperation during the first visit of Foreign Minister Bilawal Bhutto to a neighboring country on Tuesday.
In addition, Dr. Nayef Falah Al-Hajraf, Secretary General of the Gulf Cooperation Council (GCC) on On Thursday, it was decided to explore additional opportunities to strengthen bilateral relations. trade and economic ties at the World Economic Forum in negotiation with Bilawal too.
The likely inflow will be help improve the country’s foreign exchange reserves and increase its ability to produce international payments.
Reserves have fallen to a critically low level. of six-week import coverage at $10.08 billion.
