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Grace Lim, a sovereign analyst with the rating company in Singapore, said Moody's expects IMF to disburse the funds in the third quarter. "This will unlock significant additional financing from the IMF and other multilateral and bilateral sources and may well provide a significant confidence boost to the markets." "We assume IMF board approval of Pakistan's new staff-level agreement with the lender," Krisjanis Krustins, a Hong Kong-based director at Fitch, was quoted as saying by Bloomberg on Wednesday. Once the deal amount will be secured, it is expected that pressure on the country's currency and forex reserves will ease. This downfall of Pakistani rupees comes as Moody's Investors Service and Fitch Ratings said they expect Pakistan to secure the USD 1.2 billion bailout from the International Monetary Fund (IMF). He said that multiple factors including the US dollar reaching historic highs internationally, interest rate hikes, worldwide inflation and supply chain disruption have led to the rupee's depreciation.Įarlier this month, the IMF reached a staff-level agreement with Pakistan authorities for the conclusion of the combined seventh and eighth reviews of the Extended Fund Facility (EFF).ĭespite the agreement, the ongoing political and economic turmoil in the country has raised concerns among investors, Pakistan's Business Recorder reported. The cost of 2 United States Dollars in Pakistani Rupees today is 448.80 according to the Open Exchange Rates, compared to yesterday, the exchange rate. Therefore, pressure on the rupee would subside and the currency would appreciate," said Ismail. "From the next month onwards, incoming dollars in Pakistan by way of exports and remittance will be more than the outgoing dollars by the way of imports and debt servicing. On Wednesday, Pakistan Minister for Finance and Revenue Miftah Ismail expressed hope that the pressure on the rupee would ease in a couple of weeks.
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