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IMF approves $1billion loan tranche for Pakistan

10:22 AM | 3 Feb, 2022
IMF approves $1billion loan tranche for Pakistan

WASHINGTON – The International Monetary Fund's Executive Board has approved Islamabad’s request for a $1 billion loan tranche.

Finance Czar, Shaukat Tarin, shared the development on official Twitter. “I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan”, he wrote on the microblogging platform.

https://twitter.com/shaukat_tarin/status/1488928059562545159

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IMF’s Executive Board officials meet in Washington on Wednesday to discuss and finalize Pakistan’s request for the completion of the sixth Review and release of a $1 billion tranche under the Extended Fund Facility (EFF).

Earlier, the Imran Khan-led government had successfully managed to get the State Bank Amendment Bill, 2021 cleared from Senate to checkmark all prerequisites for the stalled programme.

Reports in local media said the completion of this review allows for an immediate disbursement of about $1 billion to Pakistan, bringing total disbursements under the arrangement to around $3bn.

EFF aims to support Pakistan’s policies to help the economy and save lives and livelihoods amid the Covid-19 pandemic, ensure macroeconomic and debt sustainability and advance structural reforms to lay the foundations for strong, job-rich, and long-lasting growth that benefits all citizens.

The 6th review was earlier scheduled for January 12 but was postponed twice on Pakistan’s request, to attain more time for implementing IMF conditions.

Last year in November, a finance ministry delegation reached a staff-level agreement with the global lender after protracted talks in US capital.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Dirham, Riyal 18 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 18, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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