After Prime Minister Shehbaz Sharif’s phone call to IMF chief, the Pakistani rupee started Wednesday on strong footing with an appreciation of 55 paisas against the US dollar in the interbank market. According to the data collected from forex dealers, the local currency went up by 55 paisas against the greenback and was currently being traded at Rs284.80. On Tuesday, the Pakistani rupee had registered a marginal improvement against the US dollar, appreciating by 0.02% in the interbank market. At close, the currency settled at 285.35, an increase of seven paisas.

In a key development, Nathan Porter, International Monetary Fund (IMF) Mission Chief to Pakistan, said the multilateral lender continued its engagement with the Pakistani authorities - focusing on the restoration of foreign exchange proper market functioning, the passage of a fiscal year 2024 budget consistent with programme goals, and adequate financing to pave the way for a Board meeting before the current program expires at June-end. Porter said that overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.

In a related development, Prime Minister Shehbaz Sharif had contacted IMF Managing Director Kristalina Georgieva and sought her help in completing the ninth review in order to revive the derailed $6.5 billion bailout package to stave off imminent default. PM Shehbaz directed the finance ministry to share budget details with the International Monetary Fund. The prime minister informed the IMF chief that Pakistan has fulfilled all the conditions agreed in February, so now the staff level agreement should be announced. The IMF MD demanded to provide details of the new budget after which it was agreed between the two leaders that Pakistan would provide the budget details to the IMF.

Credit: Independent News Pakistan-INP