ISLAMABAD – Cash-strapped Pakistan and the International Monetary Fund (IMF) are holding policy-level talks on the budget deficit, external financing, and other key issues, as the global lender keeps eye on untargeted subsidies.
IMF asked Pakistani officials to collect additional taxes to improve the tax-GDP ratio, linking the revival of the stalled program with policy reforms.
Reports in the media claimed that expenditures will be cut by Rs600 billion to limit the budget deficit. The development budget will be slashed by one-third. Earlier, the Washington-based lender and Pakistani government mulled views on technical talks.
The country of over 220 million is struggling to get the much-needed tranche of more than $1 billion as its exchange reserves plunged to critical levels, not enough to cover three weeks for imports.
As the government is trying its best to secure funding, the Human Rights Watch warned that stringent measures could worsen the social and economic plights of already distressed people.
The commission’s Asia director said millions have been pushed into poverty and denied their basic rights, urging the Sharif-led government and IMF to resolve the crisis without hurting low-income people.
Pakistani rupee remained stable against US dollar in the open bank market on Friday.
On Friday, the US dollar was being quoted at 285.3 for buying and 288.15 for selling.
Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.
UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.
|UK Pound Sterling||GBP||358.5||361.5|
|Hong Kong Dollar||HKD||36.63||36.98|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.
On Thursday, the single tola of 24 Karat gold was available at Rs217,400, and the price for 10-gram gold reached Rs186,390.
Meanwhile, the 22 Karat Gold price stands at Rs199,282, 21 karat rate for each tola is Rs190,225 and 18k gold rate hovers around Rs163,050.
In international market, the price of precious metal hovers around $2,045 per ounce.
|Lahore||PKR 217,400||PKR 2,696|
|Karachi||PKR 217,400||PKR 2,696|
|Islamabad||PKR 217,400||PKR 2,696|
|Peshawar||PKR 217,400||PKR 2,696|
|Quetta||PKR 217,400||PKR 2,696|
|Sialkot||PKR 217,400||PKR 2,696|
|Attock||PKR 217,400||PKR 2,696|
|Gujranwala||PKR 217,400||PKR 2,696|
|Jehlum||PKR 217,400||PKR 2,696|
|Multan||PKR 217,400||PKR 2,696|
|Bahawalpur||PKR 217,400||PKR 2,696|
|Gujrat||PKR 217,400||PKR 2,696|
|Nawabshah||PKR 217,400||PKR 2,696|
|Chakwal||PKR 217,400||PKR 2,696|
|Hyderabad||PKR 217,400||PKR 2,696|
|Nowshehra||PKR 217,400||PKR 2,696|
|Sargodha||PKR 217,400||PKR 2,696|
|Faisalabad||PKR 217,400||PKR 2,696|
|Mirpur||PKR 217,400||PKR 2,696|