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Pakistan to sell LNG plants to Qatar in desperate attempt to avert default

11:06 AM | 7 Jan, 2023
Pakistan to sell LNG plants to Qatar in desperate attempt to avert default
Source: File Photo

ISLAMABAD – As the sword of default hangs over cash-strapped Pakistan, the government has decided to sell two LNG-fired plants, Express News reported.

The report claimed that the two power plants, which were taken up during Nawaz Sharif's tenure in tandem with building the first LNG terminal, were put on an active list for privatisation to raise an estimated $1.5 billion.

A new cabinet committee of the Sharif-led government approved selling the plants owned by the National Power Park Management Company Private Limited on a priority basis after the recent meeting to remove power plants from the privatisation programme.

It was also reported that the Board of the Privatisation Commission issued no statement to keep the matter under wraps, contrary to previous events as press statements were usually issued after such meetings.

Last year, the Sharif-led government approved an order to sidestep all the prerequisites for the process and also abolished regulatory checks including the applicability of relevant laws.

The development comes as South Asian country is facing a threat of default in wake of the delay of the revival of the International Monetary Fund programme (IMF). The country’s official foreign exchange reserves have also nosedived.

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal - 21 April 2024

Pakistani currency remains unchanged against US Dollar and other currencies on April 21, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 21 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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