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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

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on April 01, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on April 01 , 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.6 286.65
Euro EUR 308 311
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 77.2 77.9
Saudi Riyal SAR 75.5 76.5
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 754.25 762.25
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.16 41.56
Danish Krone DKK 41.49 41.89
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.3
Kuwaiti Dinar KWD 924.86 933.86
Malaysian Ringgit MYR 64.14 64.73
New Zealand Dollar NZD 176.37 178.38
Norwegians Krone NOK 27.16 27.46
Omani Riyal OMR 736.57 144.51
Qatari Riyal ‎QAR

77.87

78.57
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 27.35 27.65
Swiss Franc CHF 310.26

312.76

Thai Bhat THB 8.29 8.44

Today's gold rates in Pakistan – 01 April 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 209,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs179,190.   

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 209,000 PKR 2,525
Karachi PKR 209,000 PKR 2,525
Islamabad PKR 209,000 PKR 2,525
Peshawar PKR 209,000 PKR 2,525
Quetta PKR 209,000 PKR 2,525
Sialkot PKR 209,000 PKR 2,525
Attock PKR 209,000 PKR 2,525
Gujranwala PKR 209,000 PKR 2,525
Jehlum PKR 209,000 PKR 2,525
Multan PKR 209,000 PKR 2,525
Bahawalpur PKR 209,000 PKR 2,525
Gujrat PKR 209,000 PKR 2,525
Nawabshah PKR 209,000 PKR 2,525
Chakwal PKR 209,000 PKR 2,525
Hyderabad PKR 209,000 PKR 2,525
Nowshehra PKR 209,000 PKR 2,525
Sargodha PKR 209,000 PKR 2,525
Faisalabad PKR 209,000 PKR 2,525
Mirpur PKR 209,000 PKR 2,525

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