As the government met many demands of the International Monetary Fund (IMF) and announced a modified budget for the year 2023-24, hopes for the recovery of the Pakistani rupee are re-established.
The country has to get the funds before the deadline announced by Extended Fund Facility (EFF) to stabilize the falling economy of Pakistan. In addition, during the economic instability in the country, the Pakistani rupee has faced a major drop of 28% falling to 286, as per the statistics of 27th June 2023 against the Dollar which settled at 204.8 as of 30th June 2022.
Malik Bostan, the president of the Exchange Companies Association of Pakistan (ECAP) stated in a video message that the IMF deal can surge the Pakistani currency to a level of 270 vs the dollar. Moreover, the IMF’s Mission Chief stated that IMF is in discussions with the authorities in Pakistan to reach an agreement on financial support. He further expressed that the country has taken a settling decision to bring the policies in check with the economic reform program.
Pakistan is hoping to hear a decision from International Monetary Fund (IMF) in a few days.
