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IMF tells Pakistan to privatise loss-making entities, increase tax on petroleum products

09:26 PM | 3 Feb, 2023
IMF tells Pakistan to privatise loss-making entities, increase tax on petroleum products
Source: Twitter

ISLAMABAD – The International Monetary Fund (IMF) has asked Pakistan to do more to overcome the losses of state-owned enterprises and boost revenue collection.

As technical talks concluded on Friday, the global lender asked the Pakistani government to increase electricity and gas tariff, increase GST on petroleum products to 18% and privatise the state-owned entities running in loss.

It also sought limited state intervention in economy through privatisation of state-owned entities and demanded regular audit of the public institutions. The IMF delegation also laid stress on privatisation of LNG power plants, promotion of tax culture and eradication of corruption.

The visiting IMF team asked the Pakistani government to reduce losses of the Pakistan International Airlines (PIA) and Pakistan Steel Mills.

On conclusion of technical talks, the two sides will start policy-level negotiations tomorrow.

The IMF delegation is visiting the South Asian country for ninth review of the $7 billion loan programme stalled since September last.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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