KARACHI (Dunya News) - The eagerly-awaited approval of a $7 billion loan by the International Montetary Fund (IMF) and Prime Minister Shehbaz Sharif's glad tidings created a positive impact on the Pakistan Stock Exchange (PSX).
On the fourth day of the trading week (Thursday), the PSX opened with an increase of 472 points, taking the KSE-100 index to an all-time high of 82,720 points.
The PSX continued to witness bullish trend in the last couple of days, with the KSE-100 index touching historic highs after breaking 82,000-point barrier.
IMF GREENLIGHTS BAILOUT PACKAGE
The International Monetary Fund (IMF) on Wednesday (Sept 25) approved the much-awaited $7 billion Extended Fund Facility (EFF) for Pakistan.
The decision was made during an Executive Board meeting chaired by IMF Managing Director Kristalina Georgieva in Washington, with Pakistan's agenda at the forefront.
According to sources, Pakistan is expected to receive the first tranche of $1.1 billion by Sept 30.
Following the approval of the loan programme, the second tranche is also anticipated within the same fiscal year, with the IMF loan being provided at an interest rate of less than 5 percent.
US DOLLAR DEPRECIATES
Moreover, the value of the US dollar against the Pakistani rupee declined further, making the greenback cheaper by 34 paisas in the interbank market.
According to the State Bank of Pakistan, the dollar’s price fell to Rs277.50.