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Pakistan, IMF initiate talks today for release of $1.1bn tranche of bailout funds

10:02 AM | 14 Mar, 2024
Pakistan, IMF initiate talks today for release of $1.1bn tranche of bailout funds
Source: File Photo

ISLAMABAD – Pakistan and the International Monetary Fund will start talks today to finalise final $1.1 billion tranche of $3 billion bailout.

The country's new finance minister-led team will start negotiations with a delegation of global lender, and the IMF will review whether Islamabad met all requisites for the bailout funds. The talks will continue till March 18, but could be extended for another 2-3 days.

The new government in South Asian nation is expecting to get third and final tranche worth $1.1 billion from US based lender, but release of the amount will have to be approved by the IMF top officials.

According to the finance ministry, all the requirements set by the IMF, including structural benchmarks, qualitative performance criteria, and indicative targets, have been met for the successful completion of the review.

New Finance Minister Aurangzeb said his country will seek an Extended Fund Facility from the IMF after the Stand-By Arrangement, and talks on this matter could begin soon.

The country of 240 million remains in crisis in recent times and is dependent on IMF and friendly nations to avoid default on foreign debt payments.

Daily Pakistan Global Web Desk


PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 13 April 2024 Forex Rates

Pakistani currency remains largely same against US dollar and other currencies in open market on April 13, 2024.

US Dollar rate in Pakistan

On Saturday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024


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