ISLAMABAD – An International Monetary Fund (IMF) delegation has arrived in Pakistan today on Thursday for discussions related to the initial evaluation of the country’s $3 billion standby arrangement (SBA).
The visiting dignitaries of global lender will review economic performance of crisis hit country during the first quarter from July to September of FY23-24.
IMF team led by Nathan Porter includes 8 people and will continue the discussion with Ministry of Finance who will present the performance report of all the ministries and the full implementation of the demands.
Caretaker Finance Minister Dr. Shamshad Akhtar will represent South Asian nation as the introductory session technical talks will begin today.
In the first phase, the technical talks will continue that include data exchange, followed by policy-level talks on tax reforms, circular debt control, and developments in the energy sector.
The finance ministry has taken extensive measures to adhere to the budget deficit target set in agreement with the lender. The ministry had cautioned the provinces to curtail their expenditures, and the most recent provisional estimates indicate that Punjab and Sindh have made notable progress in this regard.
An additional challenge in containing the overall fiscal deficit is the growing debt servicing requirements, which are expected to exceed Rs8.3 trillion to reach Rs8.5 trillion in the current fiscal year 2023–24. This is in contrast to the initial target of Rs7.3 trillion, primarily due to the elevated policy rate set by the central bank.
Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).
In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.
Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.
UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.
|UK Pound Sterling
|Hong Kong Dollar
|New Zealand Dollar