ISLAMABAD – Pakistan-specific ETF led the charge on Monday after a positiveoutcome from the International Monetary Fund’s quarterly review of theeconomy and the MSCI’s decision to keep the country classified as anemerging market.
The *Global X MSCI Pakistan ETF (NYSEArca: PAK)*link advanced 2.8% on Monday and wastesting its long-term resistance at the 200-day simple moving average.
The IMF said Pakistan’s fiscal deficits were narrowing and also announcedit would release the first batch of its $6 billion in financial assistancefor the country, Reuterslinkreported.
The Fund previously agreed to a three-year rescue package for Pakistan inApril after the economic outlook deteriorated.
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“Completion of the review will enable disbursement of SDR 328 million (oraround $450 million) and will help unlock significant funding frombilateral and multilateral partners,” Ramirez Rigo, head of an IMF missionto Islamabad, said in a statement.
“The government policies have started to bear fruit, helping to reserve thebuildup of vulnerabilities and restore economic stability. The external andfiscal deficits are narrowing, inflation is expected to decline and growthalthough slow, remains positive,” the IMF statement added.
