Karachi, March 31, 2023 (PPI-OT): IMF delay continues to burden the market, up 0.1% WoW
KSE100 index ended the week flat as IMF’s 9th review remains on hold due to pending assurances from friendly countries. Political noise also rose during the week as Supreme court continued hearings on the ECP’s decision to postpone the provincial assembly elections. Benchmark index closed at 40,000 points, up 0.1% WoW where Cement and Fertilizer sectors were prominent performers. On the economic front, IMF program remained stalled as the lender awaits guarantees of US$3bn from UAE and KSA.
As per the latest SBP numbers, reserves held by the State Bank of Pakistan (SBP) decreased by US$354mn to US$4.2bn owing to external debt repayment. This decline came in after six consecutive weeks of increases which were mainly on back of commercial loans from China. Pakistan has again requested China to roll over a US$2bn loan which matured last week to help the country’s dwindling reserves situation, documentation of the loan has been completed as per finance ministry. In other news, the petroleum cross subsidy scheme announced by govt of upto Rs100/litre got reportedly rejected by the IMF this week. The Fund rejected the scheme citing that further details would be needed to confirm its viability.
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