Recently, as per sources, Pakistani rupee shoot up by Rs2.90 against US dollar in the Interbank market after the IMF (International Monetary Fund) revived bailed out programme.
After raising 2.90 against JS dollar rupee stood at 219 during the intraday trade in the interbank market.
The rupee received as soon as IMF approved the 7th and 8th reviews of Pakistan’s Extended Fund Facility Programme (EFF).
In a press release the Fund announced that the executive board completed the 7th and 8th combined reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.
However, a statement issued that the board decision allowed an disbursement of SDR 894 million on priority basis, resulted the total purchases for budget support under the arrangement to about US$3.9 billion.
Whereas, the growth rate of Pakistan economically in current fiscal year is expected to be 3.5%, while unemployment in the country would be 6% and the government expenses during fiscal year would be at 17.1% of GDP as per expectation.
