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