Pakistani rupee makes recovery against USD

KARACHI: The Pakistani rupee (PKR) on Thursday recorded gains against the US dollar in the interbank market, according to the State Bank of Pakistan (SBP) report.

The local unit gained Re0.43 against the greenback to close at Rs284.42 in the interbank market. The greenback had closed at Rs282.85 a day earlier.

Interbank closing #ExchangeRate for todayhttps://t.co/OceLaU3tIK pic.twitter.com/4Gzj0JTabq

— SBP (@StateBank_Pak) March 16, 2023

IMF slaps another condition

The International Monetary Fund (IMF) has tabled another condition for the revival of $7 billion Extended Fund Facility (EFF), seeking ‘written assurance’ of financing from friendly countries to Pakistan by June 30.

According to details, the lender has put forward a new condition before signing a staff-level agreement for the revival of $7 billion Extended Fund Facility (EFF), stalled for months.

Sources told ARY News that IMF has sought a written assurance of financing to Pakistan from friendly countries, including the Saudi Arabia, Qatar and the United Arab Emirates (UAE) by June 30.

Sources within finance ministry claimed that the written assurance must be provided by the executive directors of the respective friendly countries at the International Monetary Fund (IMF).

The government of Pakistan – the Prime Minister’s office and Ministry of Finance – has become active in obtaining the written assurance from the friendly countries, sources said, adding that the authorities expect to obtain the written assurance soon.

Meanwhile, sources claimed that Pakistan had also agreed with the IMF’s last condition not to take direct loans from commercial banks. Moreover, Pakistan and IMF officials have completed negotiations on the revised Memorandum of Economic and Financial Policies (MEFP).