In a positive news, Pakistan’s Global X MSCI ETF rank rises

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 *Global X MSCI Pakistan ETF (NYSEArca: PAK)* link advanced 2.8% on Monday and was testing its long-term resistance at the 200-day simple moving average.

The IMF said Pakistan’s fiscal deficits were narrowing and also announced it would release the first batch of its $6 billion in financial assistance for the country, Reuters link reported.

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.