Unfounded news caused rupee to fall and PSX to lose over 700 points
Paper reported that PM Imran had cancelled a plan to telephone to the IMF's MD to clear hurdles to revival of $6bn deal.
Pakistan Stock Market (PSX) plummeted 720 points and rupee depreciated by Rs1.15 against dollar yesterday. The base of the country’s economy shook by an unfounded and baseless news published in a leading English newspaper.
The Express Tribune reported that Prime Minister Imran Khan had cancelled a plan to telephone to the International Monetary Fund’s managing director with the view to clear hurdles to the revival of a deal worth $6 billion.
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The newspaper portrayed as if the prime minister is no more interested in availing the the IMF package. This one unfounded news story had caused rupee, which has been gaining for the past few session, to fall against the dollar and the PSX to lose over 700 points.
In this situation, Adviser to PM on Finance Finance Shaukat Tarin took to Twitter and cleared the situation.
He said that the news ‘PM drops plan to seek IMF chief’s help” is completely flawed and baseless. Such proposal was never under consideration, he added.
The news ‘PM drops plan to seek IMF chief’s help” is completely flawed and baseless. Such proposal was never under consideration. The media reporters in the ‘Kamyab Jawan’asked about PM call to IMF chief. My reply was that negotiations are in advance stage and no need for call
— Shaukat Tarin (@shaukat_tarin) November 9, 2021
The media reporters in the ‘Kamyab Jawan’ asked about PM call to IMF chief. My reply was that negotiations are in advance stage and no need for call, Tarin said.
