Interim finance minister Dr Shamshad Akhtar rules out another IMF bailout

05:36 PM | 12 Jun, 2018
Interim finance minister Dr Shamshad Akhtar rules out another IMF bailout
ISLAMABAD - The Interim finance and planning minister Dr. Shamshad Akhtar rejected the speculation that the caretaker government may approach the International Monetary Fund (IMF) for loans.

"The caretaker government cannot hold talks or sign a deal with IMF," said Akhtar, while addressing a press conference alongside other cabinet members.

Explaining the reason behind the Rs4.26 per-liter hike in petrol prices in effect from today, the interim finance minister said the increase in prices follows a certain formula.

"Oil prices are determined by global prices," she said, adding, "All governments have to adjust petroleum prices."

To a question, she said that government was reflecting on debt repayment mechanism keeping in view its reserve position and working to arrange alternate sources of financing.

She said that the government would honour its debt liabilities and it was reflecting on how to do this challenging job.

Besides finance minister, caretaker Federal Minister for Information and Broadcasting Syed Ali Zafar also addressed the press conference and highlighted the reasons behind the persistent load-shedding in the country.

Zafar, who has been given the portfolio of the Ministry of Law and Justice as well as Ministry of Parliamentary Affairs and Ministry of Information in the interim cabinet, said the country has the capability to generate 28,000MW of electricity but is unable to do so owing to the following reasons:

  • Electricity production falling short of demand, technical faults, water shortage and transmission losses.

  • If there is water in dams and all power plants are running at their full capacity only then we can produce 28,000MW of electricity.

  • The demand for electricity is a lot more than supply.

  •  The demand for electricity would increase in the summer and presently stood at 23,000-24,000MW.

The interim federal minister also stressed the need for masses to have access to information in a bid to keep an eye on the functioning of the government machinery.

Zafar vowed to not compromise on Pakistan's security, saying, "We will fully support the Election Commission of Pakistan for a free and fair election."


Pakistani rupee recovers against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee continues recovering losses against US dollar and other currencies amid positive economic cues.

Dollar Rate in Pakistan Today

On Tuesday, the US dollar moved down and was being quoted at 283.6 for buying and 286.65 for selling.

Euro slides down to 309 for buying and 312 for selling. British Pound rate inches up to 360 for buying, and 363.5 for selling.

UAE Dirham AED dropped to 77.50 whereas the Saudi Riyal rate stands at 75.90.

Today's currency exchange rates in Pakistan - 5 December 2023

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

Currency Symbol Buying Selling
US Dollar USD 283.6 286.65
Euro EUR 309 312
UK Pound Sterling GBP 360 363.5
U.A.E Dirham AED 77.5 78.2
Saudi Riyal SAR 75.9 76.7
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 757.72 765.72
Canadian Dollar CAD 209 211
China Yuan CNY 39.93 40.33
Danish Krone DKK 41.59 41.99
Hong Kong Dollar HKD 36.46 36.81
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 922.11 931.11
Malaysian Ringgit MYR 60.97 61.57
New Zealand Dollar NZD 175.89 177.89
Norwegians Krone NOK 26.68 26.98
Omani Riyal OMR 740.01 748.01
Qatari Riyal QAR 78.27 78.97
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.45 27.75
Swiss Franc CHF 327.65 330.15
Thai Bhat THB 8.16 8.31

Gold Rates in Pakistan - Check today gold price - 5 December 2023

The gold remained under pressure in Pakistan amid a huge drop in price of the precious metal despite in the international market.

Gold Rates in Pakistan Today - 5 December 2023

On Tuesday, the price of a single tola of 24-karat gold stands at Rs218,500 and 10 grams of 24k gold costs Rs187,330. 

Single tola of 24 karat is Rs218,500, 22 Karat Gold costs Rs200,290, rate of 21 karat gold stands at Rs191,190 whereas 18k gold rate is Rs163,875.00 for each tola.

In the global market, gold saw huge drop in price, coming down to $2037 per ounce after drop of $81.79.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,500 PKR 2,720
Karachi PKR 218,500 PKR 2,720
Islamabad PKR 218,500 PKR 2,720
Peshawar PKR 218,500 PKR 2,720
Quetta PKR 218,500 PKR 2,720
Sialkot PKR 218,500 PKR 2,720
Attock PKR 218,500 PKR 2,720
Gujranwala PKR 218,500 PKR 2,720
Jehlum PKR 218,500 PKR 2,720
Multan PKR 218,500 PKR 2,720
Bahawalpur PKR 218,500 PKR 2,720
Gujrat PKR 218,500 PKR 2,720
Nawabshah PKR 218,500 PKR 2,720
Chakwal PKR 218,500 PKR 2,720
Hyderabad PKR 218,500 PKR 2,720
Nowshehra PKR 218,500 PKR 2,720
Sargodha PKR 218,500 PKR 2,720
Faisalabad PKR 218,500 PKR 2,720
Mirpur PKR 218,500 PKR 2,720


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