PSX crosses 57,000 mark after IMF review success

KARACHI: The Pakistan Stock Exchange (PSX) surged past the 57,000-point level for the first time ever on Thursday following a successful review by the International Monetary Fund (IMF).

As of 02:38 pm, the KSE-100 index rose by 792 points to reach a record high of 57,472 points.

According to Tresmark Finance, the KSE-100 index was at an “all-time high” after crossing the 57,000 milestone.

#PSX is at all-time high!
KSE100 Index crossed the 57,000-point level, up by 415 points and trading around 57095 points.#StockMarket #PSX #KSE100 pic.twitter.com/TWxouZWan6

— Tresmark (@TresmarkFinance) November 16, 2023

Pakistan and the International Monetary Fund (IMF) on Wednesday have reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA).

This was disclosed in a statement issued by the IMF at the conclusion of delegation-level talks between the two sides in Islamabad.

The agreement is subject to the approval of IMF’s Executive Board after approval around US$700 million will be available bringing total disbursements under the program to almost US$1.9 billion.

According to details, the agreement is subject to approval of the IMF’s Executive Board and upon approval around 700 million US dollars will become available bringing total disbursements under the program to almost 1.9 billion US dollars.

The agreement supports the authorities’ commitment to advance the planned fiscal consolidation, accelerate cost-reducing reforms in the energy sector, complete the return to a market-determined exchange rate, and pursue state-owned enterprise and governance reforms to attract investment and support job creation, while continuing to strengthen social assistance.

Read more: IMF Mission Chief Nathan Porter meets PM Kakar

The IMF team thanked the Pakistani authorities, private sector, and development partners for fruitful discussions and cooperation throughout this mission.

Under the $3 billion standby arrangement (SBA), Pakistan received $1.2 billion from the IMF as the first tranche in July.