Search

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

Advertisement

Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 19 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 19, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates 

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter