Pakistan Stock Exchange makes impressive recovery after Saudi bailout
Shares
ISLAMABAD - The Pakistan Stock Exchange (PSX) has made impressive strides on Wednesday, as its benchmark KSE-100 index gained 1,464 points by intra-day passing well over 39,000 points.
The development comes a day after Saudi Arabia agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis on Tuesday.
The $6 billion total exceeds forecasts by analysts and will likely reduce the size of any bailout Pakistan it receives from the International Monetary Fund (IMF), with whom it is currently engaged in talks on a rescue package.
Finance Minister Asad Umar this month requested talks with the IMF for the country’s second bailout in five years. An IMF team is due to visit Pakistan to open negotiations on Nov. 7.
