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IMF board to meet on Jan 11 for Pakistan loan programme approval

10:59 AM | 8 Dec, 2023
IMF board to meet on Jan 11 for Pakistan loan programme approval

The International Monetary Fund’s Executive Board is slated to review Pakistan’s first assessment on January 11 next year, which could unlock $700 million under the standby arrangement (SBA), according to a Bloomberg report citing the lender’s spokesperson on Friday.

Pakistan previously reached a staff-level agreement with the IMF under the $3 billion SBA and is awaiting board approval to access a second tranche.

Recent reports noted that Pakistan’s initial review for approval was not listed in the IMF’s Executive Board meeting agenda for the December 1-15 schedule. This delay is attributed to the IMF team’s efforts to secure reconfirmation from multilateral and bilateral creditors, essential for meeting the fiscal year’s financing requirements of $24.9 billion.

Discussions among policymakers suggest the possibility of IMF talks for the second review occurring after the general elections and the new government’s takeover. Initially slated to commence discussions on the second review from February 3, 2024, this might now take place in late February or early March 2024 if elections are scheduled for February 8, 2024.

The current SBA program is set to expire on April 14, 2024.

IMF Executive Director Bahador Bijani highlighted an overall economic improvement, commending Pakistani authorities for their efforts during an event in Washington, emphasizing Pakistan’s significance regionally and globally.

Nathan Porter, IMF Mission Chief to Pakistan, expressed contentment with the recent staff-level agreement, praising the current government’s actions and policies as indicative of their commitment to stabilizing the country.

Pakistan faces challenges like rapid inflation in Asia, upcoming dollar-denominated debt of about $1 billion next year, and scheduled February elections. Interim Finance Minister Shamshad Akhtar indicated that despite the staff-level deal, the country might seek an additional IMF loan due to the economy’s fragility.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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