ISLAMABAD: After a long wait, the International Monetary Fund (IMF) has agreed to release the $1 billion tranche. Finance Ministry said that IMF had given a green signal to the budget target for the fiscal year 2022-23.
Finance Minister Miftah Ismail and IMF had a meeting in which the finance minister assured that subsidies on petroleum products had been completely lifted. The ministry added that IMF would soon confirm the staff level agreement and release the paperwork. The news had a slight positive effect on the local currency as well.
During the early-hour trade, the rupee gained Rs1.80 in the interbank market. However, the greenback made some gain by 10:45 am, and the rupee reached Rs 211 during interbank trading.