IMF seeking external financing assurances from friendly nations before releasing funds for Pakistan

11:41 AM | 14 Nov, 2023
IMF seeking external financing assurances from friendly nations before releasing funds for Pakistan
Source: File Photo

ISLAMABAD – International Monetary Fund (IMF) has started seeking external financing commitments fulfilled from friendly nations before it releases the second tranche of bailout funds for crisis-hit Pakistan.

As the talks are underway, the global lender has reached out to Pakistan’s partners to make sure that the external funding strategy will materialize.

Pakistani officials are optimistic about receiving funds from friendly nations and lending partners including the World Bank and Asian Development Bank.

The South Asian nation needs around $28 billion in external financing in the next 12-15 months to avert evasion.

Policy talks between the Pakistani government and the IMF visiting delegation are underway, as both sides are involved in technical-level discussions that will continue until November 15.

The interim setup will be looking for a second tranche of a stand-by agreement worth $710 million.

During the ongoing negotiations, the US-based lender told Pakistani officials to ensure revenue collection targets for the FY23-24.

Daily Pakistan Global Web Desk


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter