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Pakistan, IMF resume virtual talks tomorrow for release of bailout funds

10:05 AM | 5 Mar, 2023
Pakistan, IMF resume virtual talks tomorrow for release of bailout funds

LAHORE – Talks between the crisis-hit Pakistan and International Monetary Fund will resume virtually on Monday as the two sides eye finalizing a deal to unlock funding critical to keep Pakistan afloat amid economic meltdown.

Islamabad and US-based lender could not reach a deal earlier in February as the visiting IMF delegation left the South Asian nation after 10 days of negotiations, but talks continue.

In upcoming talks, the Pakistani government and IMF will review the draft Memorandum of Economic and Fiscal Policies (MEFP) known as the staff-level agreement.

The government eyes salvaging much-needed funds as financial authorities have been tasked to collect an additional Rs170bn in revenue to bridge the widening gap.

Earlier this month, the country’s finance chief Ishaq Dar said pinned hope to seal Staff Level Agreement with the fund in the coming days.

Under IMF’s stern requisites to guarantee financial help from bilateral lenders, Dar lately announced that the country’s central bank received $500 million from the Industrial and Commercial Bank of China (ICBC).

The ongoing precarious situation in the country of over 220 million is expected to end in the coming months as the country will be receiving $1.3bn from Beijing and another $1.1bn tranche from the IMF.

Meanwhile, Prime Minister Shehbaz Sharif has arrived in Doha to muster financial support from friendly nation. Qatari government earlier announced investing $3billion in the South Asian nation.

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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