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Miftah Ismail confirms revival of loan agreement with IMF

Web Desk 02:40 PM | 14 Jul, 2022
Miftah Ismail confirms revival of loan agreement with IMF
Source: File Photo

ISLAMABAD – Finance Minister Miftah Ismail has said that Pakistan and International Monetary Fund (IMF) have reached an agreement to revive the long-stalled loan programme that will help the South Asian country tackling economic challenges. 

Taking to Twitter on Thursday, the finance minster confirmed the development and said that Pakistan would soon receive combined seventh and eighth tranches worth $1.17 billion from the global lender. 

“I want to thank the PM, my fellow ministers, secretaries and especially the finance division for their help and efforts in obtaining this agreement,” he wrote.

Ismail, who has been facing criticism over rising petroleum prices and inflation caused by the IMF’s conditions, also thanked public for their support, adding that the government will be able to provide relief to public after the deal with IMF and decreasing oil prices in the international market. 

Earlier in the day, IMF announced that it has reached staff-level agreement with Pakistan to revive the $6 billion loan programme under Extended Fund Facility. 

“Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion,” the IMF’s official statement read. 

The IMF also issued policy priorities including steadfast implementation of the budget 2022-23, catch-up in power sector reforms, proactive monetary policy to guide inflation to more moderate levels, reducing poverty, strengthening social safety and governance.

The IMF team led by Nathan Porter in his remarks said, “Pakistan is at a challenging economic juncture. A difficult external environment combined with procyclical domestic policies fueled domestic demand to unsustainable levels. The resultant economic overheating led to large fiscal and external deficits in FY22, contributed to rising inflation, and eroded reserve buffers.”

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 8, 2023 (Wednesday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 276.9 280.15
Euro EUR 296.12 296.74
UK Pound Sterling GBP 331.78 332.48
U.A.E Dirham AED 75.06 75.36
Saudi Riyal SAR 73.48 73.79
Australian Dollar AUD 190.31 192.71
Bahrain Dinar BHD 732.23 740.23
Canadian Dollar CAD 205.22 207.42
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.45
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 174.19 176.18
Norwegians Krone NOK 27.12 27.41
Omani Riyal OMR 715.11 723.11
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 297.31 299.81
Thai Bhat THB 8.25 8.4

KARACHI – Gold prices fell on Wednesday for the third straight day in local markets, after hitting aan all-time high in previous week.

The per tola price of 24 carats gold in Pakistan dropped by Rs2,000 to settle at Rs198,000 while the price of 10 grams decreased by Rs1715 to reach Rs169753.

On Monday, the gold price witnessed a drop of Rs200 per tola to close at Rs204,300.

In the international market, the commodity witnessed an upward trend as per ounce price reached to $1,880 after an increase of $11 dollars.

https://en.dailypakistan.com.pk/08-Feb-2023/pakistani-rupee-registers-gains-against-dollar-amid-imf-talks

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