Search

Pakistan eyes large IMF programme to deal with slow economic growth, record inflation

08:43 AM | 13 Mar, 2024
Pakistan eyes large IMF programme to deal with slow economic growth, record inflation
Source: File Photo

ISLAMABAD – Pakistan's newly elected Finance Minister Muhammad Aurangzeb shared his approach to International Monetary Fund (IMF) lending as talks are set to start in the coming days.

Aurangzeb said Islamabad is looking for a larger and prolonged International Monetary Fund (IMF) deal to deal with low economic growth and soaring inflation through stabilisation policies.

The finance czar stressed the urge to move away from temporary fixes and towards more permanent solutions to curb economic woes. He called macroeconomic stability of paramount importance, indicating that South Asian nation was prepared to adhere to the IMF's recommendations.

Aurangzeb shared his approach to an IMF team's visit to a crisis-hit nation for policy discussions regarding the final tranche of a $1.1 billion loan. 

He stressed need to fully implement structural benchmarks to avoid repeated short-term solutions. Aurangzeb hinted at a possible reduction in interest rates as inflation rates slowed down but emphasized that such decisions were up to the State Bank of Pakistan's Monetary Policy Committee.

He further highlighted importance of the Special Investment Facilitation Council SIFC for attracting foreign investment, and was optimistic about starting foreign commercial loans after finalizing the new IMF program but remained cautious about tapping into international capital markets.

Daily Pakistan Global Web Desk

Advertisement

Today Open Market Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Riyal - 21 May 2024

Pakistani currency rates against US Dollar and other currencies on May 21, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.7 for buying and 280.35 for selling.

Euro moved up to 298 for buying and 301 for selling while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 21 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 298 301
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 183 184.80
Bahrain Dinar BHD 739 747.8
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.89
Danish Krone DKK 40.53 40.65
Hong Kong Dollar HKD 35.65 36.31
Indian Rupee INR 3.34 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter