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IMF: Pakistan receives LOI

ISLAMABAD: Pakistan and IMF are closer to inking the bailout deal as the latter has issued the Letter of Intent (LOI) on Friday (12th of August, 2022). 

According to details the LOI will now be signed by Miftah Ismail Finance Minister and Murtaza Syed Acting Governor State Bank of Pakistan (SBP). Following the receipt of LOI it is expected that the country will get $1.17B as soon as the end of August.

It is pertinent to mention here that the staff-level agreement (that was reached in the 2nd week of July, 2022) will be reviewed on Monday (29th of August 2022) by the IMF Board that is also scheduled to ponder over the possibility of augmenting the $6B program by $1B.

In order to fulfill IMF conditions the incumbent government had taken a number of unpopular decisions since April, 2022. Meanwhile, COAS too played his part by contacting UAE and KSA. The positive vibes have emboldened the investors. As a result while PSX remained bullish, the Rupee too continued to appreciate against US$.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.