Karachi May 18 2022: KSE-100 index recover from low of 42,509.55 to 42,993.10, a gain of 483 points as US offers strong support to rebuild Pakistan’s economy.
Hou¬rs after Foreign Minister Bilawal Bhutto-Zardari arrived in New York on Tuesday for a series of meetings with US Secretary of State Antony Blinken, a State Department spokesperson assured Pakistan of strong US support for their efforts to rebuild the Pakistani economy.
Also, IMF sources in Washington confirmed that Pakistan and the IMF would start their review talks in Doha on Wednesday (today) to strike a staff-level agreement for the release of a $1 billion tranche under an Extended Fund Facility (EFF).
The week-long review will be an opportunity for Pakistan to convince the IMF to revive a stalled $6bn package for stabilising its cash-starved economy.
A public expression of US support would boost Islamabad’s efforts to revive the programme and could smooth bullish market trends as well.
The US secretary spokesperson also confirmed to the media reports of a one-on-one meeting between Secretary Blinken and Mr Bhutto-Zardari.
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