Pakistan: Stock Market Jumps Over 2% After Government Ends Fuel Price Freeze

2022-05-29 02:43:38

(MENAFN- Khaleej Times) The International Monetary Fund (IMF) had expressed concern about the fuel subsidies AFP By Reuters

Published: Fri 27 May 2022, 9:44 AM

The Pakistani stock market jumped over 2% shortly after opening on Friday, reacting positively to an overnight decision by the government to end a months-old fuel price freeze.

“The market is reacting to the government's move to withdraw fuel subsidies. It shows the government's resolve to address teething issues in the economy and will pave the way for the IMF program and other funding sources,” Saad Hashemy, executive director at BMA Capital Management, told Reuters.

The International Monetary Fund (IMF) had expressed concern about the fuel subsidies.

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