Bourses and money markets staged a sharp recovery the morning after the government of Prime Minister Shehbaz Sharif allowed pump prices to rise, endorsing the coalition government’s move to prioritise the resumption of a stalled International Monetary Fund (IMF) bailout.
Experts have long linked economic stability in Pakistan to the resumption of the fund’s Extended Fund Facility (EFF) program. Businessmen, investors and capital market investors are awaiting the release of the next tranche from the IMF with the anticipation that it will stabilise value of rupee, strengthen the fast-depleting foreign exchange reserves and put the economy on the path towards growth and sustainability.
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