Islamabad July 14 2022: Pakistan rupee gain against the dollar by 1.39 rupee in interbank trading as Pakistan reaches staff level agreement with IMF for release of $1.17 billion under 7th and 8th review of Extended Fund Facility.
An International Monetary Fund (IMF) team, led by Nathan Porter, has finalized discussions for the combined seventh and eight reviews of Pakistan’s economic program supported by an IMF Extended Fund Facility (EFF).
“The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion. Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.” Says IMF press release.
In the open market, Dollar moved down by more than 2 Rupee to level of 209.
On last Friday, the Monetary Policy Committee decided to raise the policy rate by 125 basis points to 15 percent.
The Rupee gains nearly 0.6% or 1.39 to trade at 208.71 in the interbank. While in the open market Rupee is trading at 209 against the dollar.
On last trading day, Rupee closes at Rs 210.10 in the interbank market.
