In a positive news, Pakistan’s Global X MSCI ETF rank rises
ISLAMABAD - Pakistan-specific ETF led the charge on Monday after a positive outcome from the International Monetary Fund’s quarterly review of the economy and the MSCI’s decision to keep the country classified as an emerging market.
The Fund previously agreed to a three-year rescue package for Pakistan in April after the economic outlook deteriorated.
“Completion of the review will enable disbursement of SDR 328 million (or around $450 million) and will help unlock significant funding from bilateral and multilateral partners,” Ramirez Rigo, head of an IMF mission to Islamabad, said in a statement.
“The government policies have started to bear fruit, helping to reserve the buildup of vulnerabilities and restore economic stability. The external and fiscal deficits are narrowing, inflation is expected to decline and growth although slow, remains positive,” the IMF statement added.