Web Desk (LTN NEWS): On Tuesday, the Pakistani Rupee got stronger against the US Dollar after the IMF approved a loan for cash-strapped Pakistan.
The rupee, which had been losing ground in every session before, gained Rs1.80 against the dollar and ended the day at Rs220.12. In the open market, the US dollar dropped by Rs6 and was worth about Rs224.
Earlier, the board of the International Monetary Fund approved the seventh and eighth reviews of Pakistan’s bailout program. This made it possible for about $1.1 billion to be given to the country.
The IMF agreed to keep the program going for another year and to add $720 million to the total funding. This will bring the total amount of money available through the EFF to about $6.5 billion.
When it was first approved in 2019, the Extended Fund Facility (EFF) was set to last for 36 months and cost $6 billion. Since early this year, it had stopped moving forward because Islamabad was having trouble meeting the lender’s goals.
Read More: Pkr down again: dollar strikes back
According to an official IMF statement, the recovery of the rupee follows the completion of the 7th and 8th reviews of a loan facility for Pakistan by the IMF’s Executive Board, which will allow the immediate disbursement of $1.1 billion to the country.
