Karachi June 19 2023: KSE-100 index plunged 670 points or 1.62 percent as IMF Executive Board meetings schedule misses Pakistan’s Agenda with low volumes.
As part of the Fund's increased transparency, the tentative calendar of the formal meetings and seminars of the Executive Board for the next seven days is released. Importantly, Pakistan has not been included in these board meetings of IMF so far for the month of June.
The country's external debt repayment will remain high for the next few years, with about $25 billion of repayments (principal and interest) due in fiscal 2024, states Moody’s.
Pakistan foreign exchange reserves are very low at $3.9 billion as at 2 June. However, Pakistan's external funding prospects for fiscal 2024 and later are highly uncertain. It is not guaranteed that Pakistan will be able to secure $2.4 billion from the IMF as budgeted. Whether Pakistan will join another IMF programme may only become clear after elections, which are due by October 2023. Negotiations for any future IMF programme would also take some time, even if they succeed. Until a new programme is agreed, Pakistan's ability to secure loans from other bilateral and multilateral partners will be severely constrained.
System Limited contributed most negative points in KSE-100 index followed by Hub Power Company and Engro Corporation. System Limited contributes 81.03 negative as share price fall PKR 15.4 or 3.73 percent at PSX.