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IMF delegation arrives in Pakistan for bailout talks

11:02 AM | 7 Nov, 2018
IMF delegation arrives in Pakistan for bailout talks
ISLAMABAD - A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package on the request of the government.

IMF’s technical team will hold talks with Pakistani officials. Pakistan will inform the money watchdog about the country's economic needs.

Finance Minister of Pakistan, Asad Umar and heads of the Finance Bureau of Revenue and State Bank of Pakistan (SBP) will attend the meetings.

The delegation will be in the country for two weeks.

https://en.dailypakistan.com.pk/headline/china-agrees-to-extend-economic-relief-package-to-pakistan-asad-umar/

Earlier,  IMF spokesperson Gerry Rice had said the fund’s executive board will be sent for talks on a staff-level agreement.

Pakistan had formally approached IMF in October for loans.

Last month, IMF chief Christine Lagarde had said that she met with Umar, SBP Governor Tariq Bajwa and members of their economic team during which Pakistan formally requested for financial assistance. "During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges," Lagarde said in a statement.

The PTI led government has decided to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis faced by the South Asian country, Finance Minister Asad Umar had announced.

https://en.dailypakistan.com.pk/headline/asad-umar-to-attend-annual-imf-world-bank-meetings-in-indonesia/

In a video message, the minister disclosed that Prime Minister Imran Khan had given the go-ahead to hold talks with the IMF for a bailout programme after consulting economic experts and stakeholders.

However, The minister has expressed that it would be Pakistan's last bailout package from IMF. Pakistan has successfully gained $6 billion economic assistance package from friendly Kingdom of Saudi Arabia. China has also extended its support to help the neighbouring country to resolve its economic crisis.

The Finance minister says the package is being sought only to get relief for the time being and run the country’s economic system smoothly. “Meanwhile, we will improve our capacity by gradually reducing the trade deficit, increasing foreign remittances, improving tax revenues, and introducing other revenue generation measures in a bid to avoid the IMF packages in future,” he said.

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USD to PKR: Pakistani rupee continues recovery against dollar, rises by Rs1.04 in interbank

KARACHI – The Pakistani rupee continued its positive trajectory against the US dollar in the interbank market on Thursday with the local currency’s recovery relating to crackdown launched against hoarders and outflows of the foreign currency through unlawful means.

During the intraday trading, PKR moved up against the USD, and hovered at 287.73, with an increase of Rs1.04, in the interbank market.

Yesterday, the Pakistani rupee appreciated 0.36pc to settle at 288.75.

Last week, the government said a crackdown to prevent cross-border smuggling was initiated across Pakistan. The country’s central bank also stepped up supervision of the foreign exchange market, ordering banks to set up separate entities to conduct forex transactions.

The SBP also introduced structural reforms in the exchange companies’ sector to provide better services and to ensure a transparent system.

https://en.dailypakistan.com.pk/28-Sep-2023/today-s-currency-exchange-rates-in-pakistan-dollar-euro-pound-riyal-rates-on-sept-28-2023

Gold Rate in Pakistan Today – September 28, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 202,600 on Thursday.

The price of 10 grams of 24k gold was recorded at Rs 177,700. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 28 September 2023

City Gold Silver
Lahore PKR 202,600 PKR 2,495
Karachi PKR 202,600 PKR 2,495
Islamabad PKR 202,600 PKR 2,495
Peshawar PKR 202,600 PKR 2,495
Quetta PKR 202,600 PKR 2,495
Sialkot PKR 202,600 PKR 2,495
Attock PKR 202,600 PKR 2,495
Gujranwala PKR 202,600 PKR 2,495
Jehlum PKR 202,600 PKR 2,495
Multan PKR 202,600 PKR 2,495
Bahawalpur PKR 202,600 PKR 2,495
Gujrat PKR 202,600 PKR 2,495
Nawabshah PKR 202,600 PKR 2,495
Chakwal PKR 202,600 PKR 2,495
Hyderabad PKR 202,600 PKR 2,495
Nowshehra PKR 202,600 PKR 2,495
Sargodha PKR 202,600 PKR 2,495
Faisalabad PKR 202,600 PKR 2,495
Mirpur PKR 202,600 PKR 2,495

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