IMF Executive Board meets today to review Pakistan's bailout agreement

09:19 AM | 12 Jul, 2023
IMF Executive Board meets today to review Pakistan's bailout agreement
Source: File Photo

KARACHI – The International Monetary Fund IMF’s executive board is meeting today to review the $3 billion Standby Arrangement with Pakistan to release the first tranche of $1.1 billion as part of the loan programme.

The crisis hit Pakistan and the US-based lender reached a staff-level agreement last month to inject much-needed funds as extensive delay in negotiations pushed the South Asian nation to the brink of default.

Meanwhile, the Standby Agreement is subject to approval by the Executive Board of the multilateral lender.

Islamabad was earlier expecting $2.5 billion from the IMF lender but was given $3 billion. The country of 250 million earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November 2022.

Sharif led government earlier assured IMF, that no new tax amnesty will be introduced as the country is facing a worse debt crisis in recent times. Finance Ministry also removed trade barriers and upholding commitments to other financial institutions.

The government also made changes in 2023-24 budget which was revised to meet IMF conditions in a last ditch effort to secure bailout funds.

More to follow…

Daily Pakistan Global Web Desk


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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