ISLAMABAD : July 1,2023: Commenting on Pakistan’s agreement with the International Monetary Fund (IMF) for $ 3 billion loan under a standby arrangement, All Pakistan Currency Dealers Association (APCDA) chairman , Malik Bostan Khan , has expressed optimism that the inflow of funds from IMF are going to bring Pakistan out of the on-going economic crisis.
Speaking to NEWSMAN from Karachi by phone ,Malik Bostan Khan said IMF agreement has come at a very crucial time and its going to help Pakistan come out of the current financial problems. He said ” IMF bailout is a good news for Pakistan as its going to steer the country out of the woods economically_
MALIK Bostan Khan is an optimist and he hopes that inflow of funds from IMF will give a fresh air to Pakistan’s stalling economy and put it back on the track.
APCDA chairman believes that IMF bailout will have quick healthy impact on Pakistan’s currency and subsequently help the rupee to appreciate against US dollar and other major currencies . He added that IMF agreement was impertive to build up Pakistan’s Forex reserves and give a reasonable ground to the rupee to get its actual value in the currency market .
Malik Bostan Khan said ” The rupee was under pressure due to falling reserves of Pakistan and it resulted in unprecedented devaluation of the local currency and with IMF bailout the situation will change altogether and the rupee will readjust itself to its original value against US dollar.
IMF has okayed a $ 3 billion bailout package under a 9-minth SBA and Pakistan is expected to get the money in installments from mid July.
Pakistan needed IMF financial support to seize its economic meltdown. With inflows from IMF ,other donors like Asian Development Bank (ADB) and World Bank are also like to release funds for Pakistan in the near future . These inflows of funds will help Pakistan strengthen its economy and restart its normal business like restrictions-free imports and exports. Pakistan had imposed restrictions on imports as it had no funds in dollars to support much- needed imports which crippled its entire economy in the last one year.