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Pakistan considers raising retirement age to 65 ahead of IMF visit

03:45 PM | 7 May, 2024
retirement age

Pakistan is contemplating raising its retirement age to curb growing pension payments ahead of the annual budget presentation and an upcoming International Monetary Fund (IMF) mission visit, as announced by the country's finance minister on Tuesday.

Finance Minister Muhammad Aurangzeb disclosed that an IMF mission is expected to arrive in Pakistan within the next 10 days to discuss a potential new bailout program.

While Pakistan recently concluded a short-term $3 billion program, averting sovereign default, the government under Prime Minister Shehbaz Sharif emphasizes the necessity for a longer-term arrangement.

The finance minister emphasized the urgency to rein in pension costs, describing them as a substantial liability. Currently, the retirement age in Pakistan stands at 60.

"Aurangzeb emphasized that age is now just a number, stating 'Sixty is the new 40,'" indicating the government's consideration for increasing the retirement age.

In the fiscal year 2023-24, Pakistan allocated 801 billion rupees ($2.88 billion) for superannuation allowances and pensions, marking a 31% increase from the previous fiscal year.

With Pakistan's financial year ending in June and the budget for fiscal year 2025 due before June 30th, the IMF stated, "A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis."

However, the dates of the visit, as well as the specifics regarding the program's size and duration, were not disclosed by the IMF or the finance minister.

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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