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US supports Pakistan’s efforts to stabilise economy

09:28 AM | 3 May, 2024
US supports Pakistan’s efforts to stabilise economy

The US State Department on Friday reiterated its steadfast support for Pakistan’s efforts to bolster its economy, including its engagements with the International Monetary Fund (IMF).

The department’s spokesperson, Matthew Miller, emphasized this unwavering commitment during his daily news briefing in response to a journalist’s inquiry about the US stance on aiding Islamabad’s economic recovery.

Miller affirmed the US backing for Pakistan’s economic stabilization endeavors, explicitly mentioning the importance of reaching agreements with the IMF.

He dismissed any insinuation that the financial assistance might be diverted towards Pakistan’s missile programme.

Additionally, he urged the Pakistani government to prioritise and expand economic reforms to tackle its economic hurdles, underscoring that US support for Pakistan’s economic prosperity remains resolute.

The spokesperson assured continued engagement between the United States and Pakistan, encompassing technical collaborations and efforts to enhance trade and investment ties. He emphasized that these aspects remain key priorities in the bilateral relationship.

Earlier, the Executive Board of the International Monetary Fund (IMF) has given the green light for a $1.1 billion loan to Pakistan, marking the final installment of a $3 billion Stand-by Arrangement (SBA).

In an official statement released on its website, the IMF stated, "The Executive Board of the International Monetary Fund (IMF) has completed the second and final review of Pakistan’s economic reform program supported by the IMF’s Stand-By Arrangement (SBA). This decision paves the way for an immediate disbursement of SDR 828 million (approximately $1.1 billion), bringing the total disbursements under the arrangement to SDR 2.250 billion (approximately $3 billion)."

Daily Pakistan Global Web Desk

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Today Open Market Currency Rates in Pakistan - Pakistani Rupee to US Dollar, Euro, Pound, Riyal - 16 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 16, 2024 (Sunday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.5 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 Rates in Pakistan

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296 299
UK Pound Sterling GBP 349.7 353.25
U.A.E Dirham AED 74.8 75.6
Saudi Riyal SAR 72.8 73.55
Australian Dollar AUD 182 184
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204 206
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 1.9 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.3 59.9
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 26.4 26.7
Swiss Franc CHF 311.9 314.4
Thai Bhat THB 7.58 7.73

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