As 2023 comes to an end, Pakistan’s stock market has experienced an impressive 55% increase, the most significant in 13 years. This happened despite the national currency losing 20% of its value against the US dollar, making it a year of notable and impactful financial changes.
In the first half of the year, Pakistan’s financial markets faced significant challenges due to economic issues and political uncertainty, leading to rumors of a possible default on the country’s international obligations.
However, a significant turning point occurred in the middle of 2023 when the coalition government led by former Prime Minister Shehbaz Sharif secured a $3 billion standby arrangement (SBA) from the International Monetary Fund (IMF). This arrangement provided much-needed financial support to the country.
