Pakistan eyes IMF bailout deal after final talks today to stave off economic crisis

Web Desk 12:26 PM | 9 Feb, 2023
Pakistan eyes IMF bailout deal after final talks today to stave off economic crisis
Source: File Photo

ISLAMABAD – The talks between Pakistan and the International Monetary Fund (IMF) have entered final stage and both sides will conclude ongoing talks for the stalled bailout package today.

The country of over 220 million is facing the worst economic crisis and was in talks with the international lender to secure another bailout, by making stringent reforms demanded by its mission.

IMF officials were in the South Asian nation for over a week time to sort out the differences over fiscal policy as the government made desperate attempts to unlock the much-needed funds as forex reserves plunged to critical levels.

Earlier, Pakistan’s Finance Chief Ishaq Dar led the delegation, and Nathan Porter represented the IMF delegation, with both sides mulling ways on reforms, ending circular debt, and proposed tax measures.

On the last day of negotiations, experts claimed that the draft of mutual economic and financial policy is likely to be finalised.

It was reported that the ongoing talks will end in the next 48 hours as the Sharif-led government is set to unveil a new ‘mini-budget’ to impose new taxes worth nearly Rs200 billion to ensure the continuation of the IMF program.

Lately, State Minister for Finance and Revenue Aisha Ghaus Pasha said Pakistan would soon reach an understanding with the IMF to secure the next tranche.

Pasha also hoped IMF to share the initial draft before the end of talks, saying the government is close to the finalization.

More to follow...

Web Desk
Web Desk

Daily Pakistan Global Web Desk


USD to PKR: Pakistani rupee remains stable against dollar amid ongoing talks with IMF

KARACHI – Pakistani rupee, which is facing blows in the open market, remained stable against the US dollar, in the inter-bank market on Wednesday.

The local currency moved slightly upward during the opening hours of trading in the inter-bank market. Before noon, PKR was hovering around 285.22, with a slight increase of Rs0.13.

As the situation remained under control in the interbank market, the rupee hits a fresh record low in the open market and was selling at 315 per dollar.

In a recent development, the IMF mission chief shared positive news, confirming that talks are underway with Pakistani authorities. The resumption of the IMF programme remains important for the crisis-hit country.

Today's gold rates in Pakistan – May 31 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,300 on Wednesday.The price of 10 grams of 24k gold was recorded at Rs199,160.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

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.

City Gold Silver
Lahore PKR 232,300 PKR 2,485
Karachi PKR 232,300 PKR 2,485
Islamabad PKR 232,300 PKR 2,485
Peshawar PKR 232,300 PKR 2,485
Quetta PKR 232,300 PKR 2,485
Sialkot PKR 232,300 PKR 2,485
Attock PKR 232,300 PKR 2,485
Gujranwala PKR 232,300 PKR 2,485
Jehlum PKR 232,300 PKR 2,485
Multan PKR 232,300 PKR 2,485
Bahawalpur PKR 232,300 PKR 2,485
Gujrat PKR 232,300 PKR 2,485
Nawabshah PKR 232,300 PKR 2,485
Chakwal PKR 232,300 PKR 2,485
Hyderabad PKR 232,300 PKR 2,485
Nowshehra PKR 232,300 PKR 2,485
Sargodha PKR 232,300 PKR 2,485
Faisalabad PKR 232,300 PKR 2,485
Mirpur PKR 232,300 PKR 2,485


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