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Pakistan formally starts talks with IMF for longer-term bailout package, upcoming budget

10:21 AM | 13 May, 2024
Pakistan formally starts talks with IMF for longer-term bailout package, upcoming budget
Source: File Photo

Pakistan and International Monetary Fund (IMF) have formally started discussions on a new loan program and the upcoming budget for the new financial year.

IMF team led by Mission Chief Nathan Porter started talks with Pakistan's economic team, spearheaded by Finance Minister Muhammad Aurangzeb. The discussions will continue for two weeks as both sides chalked out strategy for upcoming loan program and the budget.

The cash strapped Asian nation is looking for substantial bailout package of over $6 billion from the IMF to strengthen its economy and address fiscal concerns.

Finance Ministry's economic team has prepared diligently for the negotiations. Extended Fund Facility loan program and the formulation of the national budget will remain in focus during the talks.

IMF's resident representative in Pakistan, Esther Perez Ruiz, said the lender will share its views to improve governance and sustainable economic development while Pakistan's Finance chief Aurangzeb emphasized the government's commitment to expanding the tax net through digitalization.

IMF also expressed concern over political uncertainty in Pakistan despite recent elections, which could affect economic reforms.

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
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 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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