PSX spikes after IMF loan revival

KARACHI: The Pakistan Stock Market (PSX) spiked over 2,000 points on Monday, as investors’ confidence is revived after the signing of a staff-level agreement between Pakistan and the International Monetary Fund (IMF) programme on Friday.

The benchmark KSE-100 index of the Pakistan Stock Exchange rose 2,307 points at 11:00 am. The index is currently trading at 43,759 points.

According to the market experts, the PSX showing a bullish trend after the revival of the loan programme with the international lender.

Last week, Pakistan signed $3 billion staff-level agreement with the International Monetary Fund (IMF).

As per details, the government of Pakistan and IMF $3 billion staff-level agreement was signed in a ceremony held in Lahore.

Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and Information Minister Marriyum Aurangzeb were present at the ceremony

International Monetary Fund (IMF) announced that a “Stand-By Arrangement” between the global money lender with Pakistan has been reached successfully. The staff-level agreement has been concluded between Pakistan and the IMF, valuing $3 billion for 9 months.

IMF Mission Chief Nathan Porter along with his team maintained continuous communication with Pakistani authorities and completed the agreement through virtual negotiation.

The final approval of this agreement will be given by the IMF’s executive board, which is expected to take place in mid-July. After this approval, Pakistan can receive a loan of $3 billion.