PSX spikes after IMF loan revival

The Pakistan Stock Exchange (PSX) gained more than 2,000 points on Monday, as investors regained confidence following the signing of a staff-level agreement between Pakistan and the International Monetary Fund (IMF) programme on Friday.

At 11:00 a.m., the Pakistan Stock Exchange’s benchmark KSE-100 index had risen 2,307 points. The index is presently worth 43,759 points.

According to market experts, the PSX is on the rise following the restart of the loan programme with the international lender.

Pakistan reached a $3 billion staff-level agreement with the International Monetary Fund (IMF) last week.

According to facts, the government of Pakistan and the IMF signed a $3 billion staff-level agreement in Lahore.

The ceremony was attended by Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar, and Information Minister Marriyum Aurangzeb.

The International Monetary Fund (IMF) announced the successful conclusion of a “Stand-By Arrangement” between the global lender and Pakistan. Pakistan and the IMF have reached a staff-level agreement worth $3 billion over a nine-month period.

IMF Mission Chief Nathan Porter and other staff members maintained constant contact with Pakistani officials and reached an agreement via virtual dialogue.

The IMF’s executive board will provide final approval to this deal, which is likely to take place in mid-July. Pakistan could receive a $3 billion loan following this decision.

The post PSX spikes after IMF loan revival appeared first on Economy.pk.