That's not a reasonable explanation at all!
The decline in Paki Rupee has been happening for the last 8+ months when Pakis had officially claimed that they will NOT go to IMF; and even when they were talking with IMF Pakis had stubbornly held out that they reserve the right to intervene in currency markets!
The so called 'prior' steps (even if there are any) would only come into place after the terms of the deal were sealed (that happened very recently, while the Paki Rupee has been declining from long before).
As such, the logical explanation is that Pakis didn't have the money at hand to intervene in the currency markets, thus resulting in Rupee decline (even though they've been arguing to retain their right to do so)
Trust me there are indeed PRIOR steps which Pakistan has been forced to take after the in principle agreement with IMF concluded on 12may. The latest cycle to devaluation which has started from 15may just after the deal has been totally different from past devaluations. All the past devaluations were done in a stroke on a single day by State bank of Pakistan. However since 15 may the rupee has been going down every single day as now State bank of Pakistan has been forced not to intervene.
As per currency traders in the past every day State Bank of Pakistan would call the forex traders and used to give them a range between which rupee would move and the traders accordingly would trade between this range. On 15may when they checked with State bank for guidance they were told that now onwards there would be no range.
On 15 may when rupee devalued to 145 Imran khan called a meeting with forex traders and told them not to devalue and that he would form a committee I look into angle of speculation. Immediately that evening IMF questioned Imran Khan since under the deal concluded on the 12 may State bank will no longer intervene. Not for any reason IMF has brought its Egypt country manager Dr. Reza bakir to head the State bank of Pakistan so that the bank assumes it’s independence.
Is it a coincidence that monetary policy which was supposed to be announced on 31may was advanced to 20may and in that steep hike of interest rate to 12.25 was done. Why was it done when the inflation in Pakistan is around 7.5. Why to have a real interest rate premium of 4.75. This is because IMF knows that Imran would be taking steps PRIOR steps in which the rates of utilities will go up. Already the gas companies rates is expected to go up by further 50%. Further Pakistan has to raise fresh taxes of over 700 billion. All this is going to bring a tsunami of inflation and that’s why already interest rates are up. Why would dr. Reza in his monetary policy going to bring an inflation of 16 percent in next fiscal.
IMF has also asked Pakistan to bring a certificate of roll over of loans of around 9.2 billion which it took from UAE, Saudia and China by one more year. If Pakistan is able to achieve these prior steps loan will be submitted to imf board at the end of June for approval.
Pakistan’s hands are tied and it is forced to take all these steps. All this is common knowledge and is there every where on Pakistan media. I am a keen watcher of their current affairs programs on you tube and there is a method to the madness we are seeing in Pakistan at the moment.