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Stock market, rupee surge amid hopes of a good news from IMF today

ISLAMABAD: The stock market and currency market appeared bullish amid hopes of a good news from the International Monetary Fund (IMF) programme.

The benchmark KSE-100 Index surged above 600 points during trading on Thursday while dollar-rupee exchange rate plunged to 268 rupees in the inter-bank, down from 272 rupees the previous day. At 12:50 pm, the KSE-100 Index was fluctuating around 42,332.14 points, with a gain of 608.82 points.

Rupee also gained a significant value in the inter-bank and open market on Thursday.

Finance Minister Senator Muhammad Ishaq Dar said that he will share good news with people today regarding the IMF programme.

“We are holding the final meeting with the IMF today and I will share with people good news,” Dar told media today.

He was addressing the “Road Safety Conference _ Pakistan Perspective 2023” at Serena Hotel in Islamabad on Thursday noon. The Truth International organized the two-day conference in collaboration with the GIZ and International Parliamentarians Conference.

The economic team of Pakistan and the IMF mission are holding talks in Islamabad since January 31 to complete the ninth review which will lead to the release of $1.1 billion tranche by the IMF.

Finance Minister Senator Muhammad Ishaq Dar is leading the Pakistani delegation, while Nathan Porter, IMF Mission Chief is heading the IMF team.

Earlier, Energy Division Minister Khurram Dastgir said that Pakistan and IMF are close to sign the agreement.

According to sources, the government has accepted the conditions of the IMF regarding the electricity, gas tariffs, and external financing as well.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.


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