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IMF technical team arrives in Pakistan to negotiate terms of new Loan Program

09:13 AM | 11 May, 2024
IMF technical team arrives in Pakistan to negotiate terms of new Loan Program
Source: File Photo

ISLAMABAD – Pakistan is gearing up for talks on new long term bailout programme, and now International Monetary Fund (IMF) technical team arrived in South Asian nation to negotiate terms.

The cash-strapped country is seeking initial discussions on a new long-term loan program worth $6-8 billion with Pakistan.

Reports in local media said members of the IMF mission have arrived in Pakistan, while the head of the mission is likely to arrive in the country on May 16. 

IMF demanded incumbent authorities to immediately cut its expenditures by Rs163 billion to achieve a primary budget surplus. The global lender reiterated its old demand, saying there would be no compromise on the target of 0.4pc of GDP for the primary budget surplus.

This issue comes as FBR briefed IMF, saying that it could face a shortfall of Rs163 to 183 billion in tax collections by the end of the current fiscal year.

FBR also assured IMF that it will collect up to Rs25 billion by taking administrative measures under Statutory Regulatory Order 350.

Pakistan is expected to get $5 billion rollover from Saudi Arabia, $3 billion from the UAE and $4 billion from China. 

The country of over 240 million avoided default in 2023, and its $350 billion economy stabilized after completing last IMF program. Despite relief, the country still faces a significant fiscal deficit.

Daily Pakistan Global Web Desk

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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