PSX stages rally following staff-level agreement with IMF

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed a bullish trend following the announcement of a staff-level agreement with the International Monetary Fund (IMF) for the release of US$1.17 billion, ARY NEWS reported.

According to details, the KSE-100 index gained 481 points today and crossed the barrier of the 42,000 mark. The PSX gained 481 points and traded at 42,525 points.

Earlier in the day, the rupee strengthened against the US dollar in the interbank on the back of a staff-level agreement with IMF.

In the interbank, the greenback shed value by Rs0.30 and traded at Rs209.80 as experts believe that further foreign inflows will strengthen the rupee. In the open market, the US dollar traded between Rs209 and Rs210.

Interbank closing #ExchangeRate for todayhttps://t.co/zXAv5qdiEu pic.twitter.com/O1GKfmEyEZ

— SBP (@StateBank_Pak) July 14, 2022

Pakistan, IMF reach staff-level agreement

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.

“Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.”