Pakistan has been accused by the International Monetary Fund (IMF) of keeping the rupee/dollar rate below 300 rupees by June 2024 while violating the premium limit of 1.25% between the interbank rate and the general market rate. It is expected to seek exemption from the Monetary Fund (IMF).
In case of non-compliance, Pakistan will have to apply for a waiver from the IMF Board to receive the next credit facility.
The exemption is expected to be granted by Pakistani authorities as lenders expect an improvement in the foreign exchange market. Currently, the average price of the US currency is expected to be just under 100 million rupees.
The number will rise to 300 by June next year, The Express Tribune reported.
Read More: Rupee Rises 3rd Day in a Row Against US Dollar
Although the lender believes that the PKR/USD exchange rate is trending in the right direction, fully restoring the market-based exchange rate is a priority.
The IMF’s latest assumptions suggest that the average exchange rate could fall below Rs 100,000,000. Until June 2024, it’s $300 per dollar. This rate is lower than the rate used in his July staff report for the IMF.
The government had earmarked its 2023-24 budget at Rs.290/$. Higher interest rates will impact the defense budget, external debt servicing, the cost of conducting Pakistan’s overseas missions, and PSDP.
In its recent review, the IMF has reduced the interest cost of external debt from 822 billion rupees to 1.22 trillion rupees.
If the average exchange rate is close to the rupee, the rupee/dollar parity at the end of the year will be above this level.
The IMF projects Pakistan’s GDP to be 300 rupees per dollar by June 2024.
105.9 trillion by June 2024. This was lower than the July forecast as Pakistan’s growth forecast for the current fiscal year was lowered to 2%.
Financial institutions also estimate the size of the economy at $353 billion.
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