KARACHI: The Pakistan Stock Exchange (PSX) opened on a strong note on Thursday as the International Monetary Fund (IMF) and the government reached closer to the staff level agreement on the second review under the Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF).
The KSE-100 index has gained 1,382.51 points to reach 166,647.25 points, reflecting an increase of 0.84%.
The positive movement in the stock market comes after an official statement from the IMF, where the organization noted significant progress between the Pakistani authorities and the IMF team. The discussions, led by IMF mission chief Iva Petrova, focused on the second review under the Extended Fund Facility (EFF) and the first review of the Resilience and Sustainability Facility (RSF).
Petrova emphasized that both parties had made substantial headway toward reaching a Staff Level Agreement (SLA) on these economic programs. The IMF also highlighted that Pakistan has made strong efforts in fiscal consolidation, inflation control, and energy sector reforms, all of which are crucial to strengthening the country’s economy.
The IMF’s endorsement has boosted investor sentiment, contributing to today’s market rally. The market’s positive response reflects optimism surrounding Pakistan’s ongoing efforts to implement reforms and improve its fiscal position. Additionally, the favorable statement from the IMF helps to stabilize confidence in the country’s economic future.
With the IMF’s progress, the PSX’s positive movement is likely to continue as investors remain optimistic about the country’s economic outlook and the successful completion of these crucial reviews.
