Pakistani rupee appreciates against US dollar after IMF approval

After IMF’s Executive Board approval of the seventh and eighth tranche Pakistan will soon receive $1.17bn 

ISLAMABAD: The Pakistani rupee appreciated by almost three rupees against the US dollar in the interbank market on Tuesday morning mainly because the International Monetary Fund (IMF) revived the much-awaited bailout programme.

According to details, the rupee appreciated to 219 against the US dollar compared to the previous close of 221.92 per USD.

The rupee’s recovery comes after the International Monetary Fund (IMF) approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF).

The Fund announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.

“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about $3.9 billion,” the statement read.

The economic growth rate of Pakistan in this fiscal year is expected to be 3.5 per cent, unemployment in the country is likely to be 6 percent, and government expenditure during this fiscal year are estimated at 17.1 per cent of GDP.

 

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