6️⃣ The 2023–26 Shift: Why Recent IMF Cycles Look Different
Post-2023, PSX responses to IMF have been stronger due to:
-
Near-default conditions prior to SBA
-
Severe FX stress reversal
-
Global EM liquidity seeking yield
-
Heavy domestic retail participation
Example:
-
Reserves rose from ~$4.5B to ~$8.2B
-
Rupee stabilized
-
KSE-100 posted historic single-day and quarterly gains
But even here:
-
Gains concentrated in select sectors
-
Volatility remained elevated
-
Structural issues persisted
7️⃣ The Core Lesson for PSX Investors
IMF programs:
if ( function_exists( 'pgntn_display_pagination' ) ) pgntn_display_pagination( 'multipage' );
