The Sri Lankan government has commenced groundwork to secure US$ 200 million credit line extended by the Pakistani government.
The discussion on the US$ 200 million credit line was taken up during Trade Minister Bandula Gunawardana’s recent official visit to Pakistan.
According to Mirror Business, Secretary to the Treasury Sajith Attygalle revealed that the two countries have agreed US$ 200 million in principle while the details of the credit line is yet to be worked out.
Under this credit line, cement, basmati rice and medicines manufactured in Pakistan are to be imported through the State Trading (General) Corporation.
Emphasis would be paid for the importation of cement as Sri Lanka saw a cement shortage in the market recently, which had led to sky rocketing prices.
Attygalle noted that the tenure of the credit line is yet to be finalised and the Treasury along with the Trade Ministry and the High Commission are working on drafting the agreement, which is to be cleared by the Attorney General’s Office.
Meanwhile, the government is expecting to secure US$ 1 billion credit line requested from India next week.
The US$ 1 billion Indian credit facility is to be financed to import essential items such as food and medicines from India.
India’s External Affairs Minister Dr S Jaishankar and Finance Minister Basil Rajapaksa during a virtual meeting held last month reviewed the progress of the credit line.
Sri Lanka already has drawn down from a US$ 200 million currency swap it entered into with Bangladesh Bank, for which the country sought a 3-month extension of the validity of the loan in December 2021.
Pakistani rupee continues recovering losses against US dollar and other currencies amid positive economic cues.
On Tuesday, the US dollar moved down and was being quoted at 283.6 for buying and 286.65 for selling.
Euro slides down to 309 for buying and 312 for selling. British Pound rate inches up to 360 for buying, and 363.5 for selling.
UAE Dirham AED dropped to 77.50 whereas the Saudi Riyal rate stands at 75.90.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||360||363.5|
|Hong Kong Dollar||HKD||36.46||36.81|
|New Zealand Dollar||NZD||175.89||177.89|
The gold remained under pressure in Pakistan amid a huge drop in price of the precious metal despite in the international market.
On Tuesday, the price of a single tola of 24-karat gold stands at Rs218,500 and 10 grams of 24k gold costs Rs187,330.
Single tola of 24 karat is Rs218,500, 22 Karat Gold costs Rs200,290, rate of 21 karat gold stands at Rs191,190 whereas 18k gold rate is Rs163,875.00 for each tola.
In the global market, gold saw huge drop in price, coming down to $2037 per ounce after drop of $81.79.
|Lahore||PKR 218,500||PKR 2,720|
|Karachi||PKR 218,500||PKR 2,720|
|Islamabad||PKR 218,500||PKR 2,720|
|Peshawar||PKR 218,500||PKR 2,720|
|Quetta||PKR 218,500||PKR 2,720|
|Sialkot||PKR 218,500||PKR 2,720|
|Attock||PKR 218,500||PKR 2,720|
|Gujranwala||PKR 218,500||PKR 2,720|
|Jehlum||PKR 218,500||PKR 2,720|
|Multan||PKR 218,500||PKR 2,720|
|Bahawalpur||PKR 218,500||PKR 2,720|
|Gujrat||PKR 218,500||PKR 2,720|
|Nawabshah||PKR 218,500||PKR 2,720|
|Chakwal||PKR 218,500||PKR 2,720|
|Hyderabad||PKR 218,500||PKR 2,720|
|Nowshehra||PKR 218,500||PKR 2,720|
|Sargodha||PKR 218,500||PKR 2,720|
|Faisalabad||PKR 218,500||PKR 2,720|
|Mirpur||PKR 218,500||PKR 2,720|