Search

Pakistan to approach IMF as PM Imran gives go-ahead to talks for bailout, announces Asad Umar

09:40 PM | 8 Oct, 2018
Pakistan to approach IMF as PM Imran gives go-ahead to talks for bailout, announces Asad Umar
ISLAMABAD - The Pakistani 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 announced on Monday.

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.



The premier had on Sunday hinted at approaching the IMF for “bridging loans” during the critical phase the country is passing through. Meanwhile friendly countries are being approached to deposit funds in the State Bank to boost reserves.

This week, the finance minister will lead a Pakistani delegation at the annual meeting of the International Monetary Fund (IMF) and World Bank in Bali, Indonesia.

The delegation will leave for Bali today, to attend the meeting taking place on the Indonesian island from October 12 to 14.

Asad Umar will meet IMF officials on the sidelines of the meeting, where he will discuss the challenges confronting the Pakistani economy and the proposed IMF loan programme.

https://en.dailypakistan.com.pk/headline/asad-umar-lifts-lid-on-govts-plan-for-approaching-imf/

The IMF concluded a consultative visit last week with a warning that Pakistan needed to quickly secure "significant external financing" to stave off a crisis, though it did not suggest who could supply the money.

https://en.dailypakistan.com.pk/headline/adb-to-provide-pakistan-7-1b-for-inclusive-growth/

Finance Minister Umar has said foreign reserves need to be boosted by at least $8 billion.

The IMF-World Bank meeting is an annual summit to discuss global financial and economic issues, including global economic outlook, poverty eradication, and aid effectiveness.

Earlier, the Asian Development Bank (ADB) announced that it will provide $7.1 billion in financing to help Pakistan achieve inclusive and sustainable growth over the next three years.

“ADB plans to significantly increase the country’s sovereign operations to $7.1bn over 3 years,” vice-president Wencai Zhang said in a statement.

Advertisement

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

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter