British Asia News Network- AD
Karachi, May 14: IMF bailout package conditions are not going well with stock markets as they fall amid concern about the steps needed to seal a $6 billion loan agreed. IMF’s mission Chief Ernesto Ramirez Rigo said “subject to the timely implementation of prior actions and confirmation of international partners’ financial commitments.”
There have been wide speculations over conditions imposed by IMF. This loan would be 13th bailout since the late 1980s from the IMF to Pakistan, which is facing a balance-of-payments crisis. The deal was finalised after Prime Minister Imran Khan made changes to his economic team, including the appointment Reza Baqir, who previously served in senior positions at the IMF, including in Egypt.
Pakistan’s KSE-100 Index of stocks fell 2.35% at close, the most in more than five months, washing off earlier gains of 1.5%.