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IMF delegation reaches Pakistan to review second tranche of loan agreement 

02:08 PM | 2 Nov, 2023
IMF delegation reaches Pakistan to review second tranche of loan agreement 
Source: File Photo

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.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 3, 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).

US Dollar rate in Pakistan

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.

Today’s currency exchange rates in Pakistan – March 3, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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