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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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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 19 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 19, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates 

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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