IMF Asks Pakistan to Fix Currency Market Before Bailout Resumes
- Authorities focusing on proper FX market functioning, budget
- IMF statement suggests devaluation is possible: analyst
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The International Monetary Fund is working with Pakistan to fix its currency market and resolve other issues before it resumes its $6.7 billion bailout program that ends in June.
Authorities are focusing on the restoration of proper foreign-exchange market functioning, the passage of a fiscal year 2024 budget consistent with program goals and adequate financing, Nathan Porter, IMF mission chief for Pakistan, said in an emailed statement late Monday. The rupee has been relatively stable for the past few months in the interbank market.