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PM Shehbaz Sharif says approaching friendly nations for more loans ‘embarrassd’ him

12:24 PM | 15 Jan, 2023
PM Shehbaz Sharif says approaching friendly nations for more loans ‘embarrassd’ him
Source: File photo

LAHORE – Prime Minister Shehbaz Sharif visited friendly countries seeking foreign funds and loans as the sword of default is hanging over Pakistan.

During his recent address during the passing out ceremony of probationary officers of the Pakistan Administrative Service (PAS), the premier said approaching friendly nations for more loans and payments 'embarrassed' him.

Sharif said tapping friendly nations is not the right solution to deal with current economic challenges and stressed on achievement of sustainable development goals to put the economy on right track.

Sharing his views on economic challenges, the premier lamented previous governments for not contributing much to deal with the current situation.

Recalling his recent visit to UAE, PM Shehbaz maintained that United Arab Emirates President Sheikh Mohammed bin Zayed kindly announced to grant of a further $1 billion loan to cash strapped nation. Following PM’s visit, UAE agreed to roll over $2 billion and also approved providing $1 billion in loans while Islambad and Riyadh inked an agreement to finance oil derivatives worth $1 billion.

PM made back-to-back visits to friendly nations and approached the global lenders as country’s central bank forex reserves nosedived to $4.3 billion, badly affecting financing imports.

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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