ISLAMABAD – Pakistani rupee has plunged more than 25 percent this year and is standing among worst performing currencies while all eyes are on the revival of the IMF bailout package, with Pakistanis expecting a revival of PKR.
The crisis-hit country’s race to restart a halted IMF loan program took volte-face as the federal government made some huge changes to appease Fund in last-ditch efforts to salvage much-needed funds.
The country is facing worst economic crisis in recent years is likely to take one step closer to economic stability after getting tranche of the bailout programme.
Pakistani rupee moved down by a whopping 28 percent against the greenback, whereas, currency dealers predicted rupee recovery in aftermath of the much touted Pakistan-IMF deal.
President of Exchange Companies Association of Pakistan Malik Bostan came up with a number and as per his calculations, he is looking rupee to slide back to 270 against high flying dollar.
Days after meeting International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Prime Minister Shehbaz Sharif expressed hope that the multilateral lender would release much-needed bailout funds soon.
Georgieva said IMF wants improved economic situation for Pakistan. She hailed Sharif’s leadership qualities, and acknowledged the efforts of Finance Minister Ishaq Dar and Pakistan’s Finance Team team to finalise the loan program, the handout said. Islamabad and IMF are discussing the draft Memorandum for Economic and Financial Policy to unlock the staff-level agreement.
Pakistan bailout review to conclude once financing in place: IMF
