https://arab.news/ynqyh
- Shehbaz Sharif says the $7 billion long-term IMF facility will further bring improvement to the economy
- He says the stock market has surged by 36 percent since March, reflecting gradual financial stability
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday expressed optimism about further economic improvements in Pakistan, citing the positive impact of a $7 billion loan facility from the International Monetary Fund (IMF), after the Pakistan Stock Exchange (PSX) crossed the historic 90,000-mark earlier in the day.
The KSE-100 index surged 1,141 points, or 1.25 percent, to reach an all-time high of 90,087 during intra-day trading before closing just below the milestone at 89,993.96 points, up by 1,047.98 points, or 1.16 percent, from the previous close. Analysts attributed the bullish sentiment to rising investor confidence, reflecting improvements in the country’s economic indicators.
The prime minister also highlighted the market’s performance as a reflection of his administration’s economic policies since assuming power after the February 8 general elections this year.
“By the grace of Allah, the gradual rise in the stock market since March 2024 reflects investors’ confidence in the government’s policies,” said Sharif in a statement. “This sharp rise in the stock market, after 14 years, is a result of the tireless efforts of the economic team.”
“The $7 billion long-term facility from the IMF will bring further improvement to the economy,” he added.
Sharif noted that his administration’s economic measures, including a reduction in the inflation rate from 38 percent to 6.9 percent, have set the country on a path of sustained recovery.
He also highlighted that the PSX had surged by 36 percent since March, reflecting gradual financial stability.
“I am hopeful that in the coming days, there will be more good news regarding economic improvements,” he added.