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Top official reveals conditions of nearly $10b pledges Pakistan received at Geneva moot

03:14 PM | 13 Jan, 2023
Top official reveals conditions of nearly $10b pledges Pakistan received at Geneva moot
Source: Twitter

ISLAMABAD – A top government official has revealed the nearly $10 billion pledges made by the international community at a donors’ conference at the Geneva moot for rehabilitation of flood-hit Pakistani people last week are, in fact, loans to be rolled out within three years.

Planning Ministry Secretary Syed Zafar Ali Shah said most of them are project loans, which will be provided at one percent interest rate, adding that the South Asian country will have to return the debt within 40 years.

He said Pakistan would receive $3 billion in the running fiscal year, adding that the World Bank, Asian Development Bank and Asian Infrastructure and Investment Bank would start providing funding from next month.

Shah said the government would spend $8 billion for the rehabilitation of the flood-hit areas of the country, adding that $1.5 billion had already been spent.

Earlier this week, Prime Minister Shehbaz Sharif, in a press conference after the Geneva moot, said the international community committed to give Pakistan a huge sum of over $9 billion in flood aid.

Terming the conference "highly successful," the premier: “Pledges worth $9.7 billion were announced for the flood victims at the moot.

“Islamic Development Bank promised $4.2 billion, World Bank $2 billion, Saudi Arab $1 billion, Asian Infrastructure Development Bank $1 billion, Asian Development Bank $500 million, USAID $100 million, China $100 million, Italy €23 million, Japan $77 million, Qatar $25 million, UK £36 million, and France $10 million,” he explained.

PM Shehbaz said the successful moot showed the world’s trust in Pakistan, adding that the every penny of the funds will be spent transparently on the flood victims.

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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