PSX rallies over 1900 points after IMF loan revival
Following the signing of a staff-level agreement between Pakistan and the International Monetary Fund (IMF) programme on Friday, the Pakistan Stock Exchange (PSX) spiked over 1,900 points on Monday.
As of 9:30 am, the Pakistan Stock Exchange’s benchmark KSE-100 index had gained 1,986 points.
The PSX is showing a bullish trend after the international lender’s loan programme was revived, according to market analysts.
An agreement between Pakistan and the International Monetary Fund (IMF) worth $3 billion was signed last week.
The government of Pakistan and IMF signed a $3 billion staff-level agreement in Lahore.
Marriyum Aurangzeb and Ishaq Dar, finance ministers, were present at the ceremony.
According to the IMF, a “Stand-By Arrangement” has been reached between the global money lender and Pakistan. A staff-level agreement valued at $3 billion for 9 months has been signed between Pakistan and the IMF.
A virtual negotiation was conducted between Nathan Porter, IMF Mission Chief, and Pakistani authorities.
Final approval of this agreement will come from the IMF’s executive board in mid-July. A loan of $3 billion can be provided to Pakistan after this approval.