IMF loan conditions carry political cost, says Pakistan finance minister

06:26 PM | 5 May, 2021
IMF loan conditions carry political cost, says Pakistan finance minister

ISLAMABAD – Federal Minister for Finance Shaukat Tarin on Wednesday said that the International Monetary Fund’s (IMF) conditions associated with a $6 billion loan program also have a political cost.

The minister was addressing a press conference. He said that Pakistan will not quit the IMF program that was approved by the global lender in 2019 to shore up country’s dwindling economy, adding: “ We will seek space from the financial institution given the current situation of COVID-19”.

He said that Pakistan have already held some good talks with the IMF and the World Bank, adding that the government is pursuing a policy to strengthen the economy.

He said the goal will be achieved by giving incentives to the industries, agriculture and housing sectors. This, he said, will create jobs in the country.

Unveiling the way forward, he said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.

Tarin said that price stability is government’s key focus and it is the aim of the government to check the inflation to provide relief to the common man, Radio Pakistan reported.

He said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment and skills development will also be included in the program.

Appreciating the FBR for increasing revenue collection, the finance minister said that the more programs will be announced in the next budget to encourage people to pay taxes.

Tarin said Pakistan wants to bring Foreign Direct Investment in the export oriented industries in order to bolster its exports.  

API Response:


KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 8, 2023 (Wednesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 276.9 280.15
Euro EUR 296.12 296.74
UK Pound Sterling GBP 331.78 332.48
U.A.E Dirham AED 75.06 75.36
Saudi Riyal SAR 73.48 73.79
Australian Dollar AUD 190.31 192.71
Bahrain Dinar BHD 732.23 740.23
Canadian Dollar CAD 205.22 207.42
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.45
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 174.19 176.18
Norwegians Krone NOK 27.12 27.41
Omani Riyal OMR 715.11 723.11
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 297.31 299.81
Thai Bhat THB 8.25 8.4

KARACHI – Gold prices fell on Wednesday for the third straight day in local markets, after hitting aan all-time high in previous week.

The per tola price of 24 carats gold in Pakistan dropped by Rs2,000 to settle at Rs198,000 while the price of 10 grams decreased by Rs1715 to reach Rs169753.

On Monday, the gold price witnessed a drop of Rs200 per tola to close at Rs204,300.

In the international market, the commodity witnessed an upward trend as per ounce price reached to $1,880 after an increase of $11 dollars.


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