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Pakistan to lead UN’s largest bloc of developing countries

10:09 PM | 15 Jan, 2022
Pakistan to lead UN’s largest bloc of developing countries

ISLAMABAD – Pakistan has assumed chairmanship of the Group of 77, the largest group of developing countries at the United Nations.

Pakistan is among the founding members of the group and has served as its chair thrice. It was elected chair of G77 again in December 2021.

Foreign Minister Makhdoom Shah Mahmood Qureshi presided over the proceedings of the opening segment of the handover ceremony held in a virtual format, which was also attended by the outgoing Chair (Foreign Minister of the Republic of Guinea), UN Secretary-General, and President of the UN General Assembly.

Speaking on the occasion, the foreign minister lauded the significant contributions made by G-77 towards advancing the economic and social objectives of developing countries in international development negotiations at the United Nations and beyond.

He stressed the need to retain cohesion and unity in G-77’scollective endeavours to promote prosperity in conditions of equity and equality.

Qureshi offered concrete ideas for addressing the triple crisis being faced by the world today– the COVID-19 pandemic; the related economic downturn; and the threat posed by climate change.

On COVID-19 pandemic, the foreign minister highlighted that the public health crisis had affected the developing countries disproportionately. He called foruniversal distribution of vaccine as the best response to the mutating virus.

Regarding the pandemic-induced global economic recession, he underscored the need for mobilizing resources from all possible sources includingdebt restructuring; fulfilment of the 0.7 percent ODA target; redistribution of the $650 billion new SDRs; and larger concessional finance from the IMF and the multilateral development banks, as well as by curbing the illicit outflow of trillions of dollars from developing countries.

Turning to the threat posed by climate change, the foreign minister emphasized that the major onus for mitigation must be assumed by the industrialized countries and all climate actions must adhere to the Principle of Common but Differentiated Responsibility.

He noted that, as the G-77 Chair, Pakistan will work with all the member states to develop effective and concerted response to the multiple challenges confronting developing countries and also promote avenues for South-South Cooperation.

Established in 1964, G-77 is the largest inter-governmental grouping of developing countries in the United Nations consisting of 134 member states.

It provides a platform to the Global South to articulate and promote their collective interests within the UN system. Pakistan is one of the founding members of the Group and has had the distinct privilege of serving as its chair in New York on three occasions in the past.

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Pakistani rupee registers marginal gain against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

Pakistani rupee continued its momentum against the US dollar, and orther currencies in the open market on Thursday, as the local currency also improved in the inter-bank market.

Dollar Rate in Pakistan Today

On Thursday, the US dollar moved down and was being quoted at 283.2 for buying and 286.15 for selling.

Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.

Today's currency exchange rates in Pakistan - 7 December 2023

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

Currency Symbol Buying Selling
US Dollar USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.76
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan move down despite positive global cues; Check latest rates here

Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.

Gold Rates in Pakistan Today - 7 December 2023

On Thursday, the price of a single tola of 24-karat gold stands at Rs217,100 and 10 grams of 24k gold costs Rs186,130. 

Single tola of 22 Karat Gold costs Rs199,000, 21 karat rate for per tola is Rs189,960 and 18k gold rate is Rs162,825.00 for each tola.

In the global market, gold prices hover at around $2026, gaining $8.30 on Thursday.

Today Gold Rate in Pakistan

Today Gold Price in Pakistan (4 September 2023)

City Gold Silver
Lahore PKR 217,100 PKR 2,565
Karachi PKR 217,100 PKR 2,565
Islamabad PKR 217,100 PKR 2,565
Peshawar PKR 217,100 PKR 2,565
Quetta PKR 217,100 PKR 2,565
Sialkot PKR 217,100 PKR 2,565
Attock PKR 217,100 PKR 2,565
Gujranwala PKR 217,100 PKR 2,565
Jehlum PKR 217,100 PKR 2,565
Multan PKR 217,100 PKR 2,565
Bahawalpur PKR 217,100 PKR 2,565
Gujrat PKR 217,100 PKR 2,565
Nawabshah PKR 217,100 PKR 2,565
Chakwal PKR 217,100 PKR 2,565
Hyderabad PKR 217,100 PKR 2,565
Nowshehra PKR 217,100 PKR 2,565
Sargodha PKR 217,100 PKR 2,565
Faisalabad PKR 217,100 PKR 2,565
Mirpur PKR 217,100 PKR 2,565

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