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IMF giving Pakistan tough time as new condition rolled out ahead of staff-level agreement

Web Desk 10:44 AM | 16 Mar, 2023
IMF giving Pakistan tough time as new condition rolled out ahead of staff-level agreement
Source: File Photo

ISLAMABAD/WASHINGTON – The International Monetary Fund is giving crisis-hit Pakistan a tough time over unlocking of stalled bailout package as the lender has put forward a new condition before signing a staff-level agreement.

After imposing extremely stern conditions for bailout funds, the US-based financial organization has now demanded a written assurance of financing from friendly nations, including Saudi Arabia, Qatar, and the United Arab Emirates by June 30.

The government maintained that written assurance will be provided by the executive directors of the KSA and other nations at the International Monetary Fund. In this regard, Finance Ministry along with the PM House mulled steps to get written assurance from these nations.

The cash-strapped country has completed almost all prerequisites set by the lender, including imposing Rs200 billion in taxes in a mini-budget and jacking up power and gas tariffs.

Islamabad also agreed with the lender’s latest condition not to get direct loans from commercial banks.

Amid continued delay, Prime Minister Shehbaz Sharif said Pakistan will sign the staff-level agreement in the coming days. Experts claimed that political turmoil in South Asian nations has become a key factor in delaying a much-needed deal that may stabilize the economy. Both sides continued talks for months now but are yet to reach an agreement.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on May 27, 2023

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 May 27, 2023 (Saturday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 307.9 311.15
Euro EUR 330 333
UK Pound Sterling GBP 381 384.5
U.A.E Dirham AED 84.6 85.4
Saudi Riyal SAR 82.6 83.4
Australian Dollar AUD 201 203
Bahrain Dinar BHD 762.21 770.21
Canadian Dollar CAD 225.5 227.5
China Yuan CNY 40.6 41
Danish Krone DKK 41.39 41.78
Hong Kong Dollar HKD 36.6 36.95
Indian Rupee INR 3.47 3.58
Japanese Yen JPY 2.15 2.2
Kuwaiti Dinar KWD 932.2 941.2
Malaysian Ringgit MYR 62.42 63.02
New Zealand Dollar NZD 176.98 178.98
Norwegians Krone NOK 26.14 26.44
Omani Riyal OMR 744.58 752.57
Qatari Riyal ‎QAR 78.73 79.41
Singapore Dollar SGD 215 217
Swedish Korona SEK 26.73 27.03
Swiss Franc CHF 316.34 318.84
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – May 27, 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 235,550 on Saturday.The price of 10 grams of 24k gold was recorded at Rs201,950.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 235,550 PKR 2,450
Karachi PKR 235,550 PKR 2,450
Islamabad PKR 235,550 PKR 2,450
Peshawar PKR 235,550 PKR 2,450
Quetta PKR 235,550 PKR 2,450
Sialkot PKR 235,550 PKR 2,450
Attock PKR 235,550 PKR 2,450
Gujranwala PKR 235,550 PKR 2,450
Jehlum PKR 235,550 PKR 2,450
Multan PKR 235,550 PKR 2,450
Bahawalpur PKR 235,550 PKR 2,450
Gujrat PKR 235,550 PKR 2,450
Nawabshah PKR 235,550 PKR 2,450
Chakwal PKR 235,550 PKR 2,450
Hyderabad PKR 235,550 PKR 2,450
Nowshehra lPKR 235,550 PKR 2,450
Sargodha PKR 235,550 PKR 2,450
Faisalabad PKR 235,550 PKR 2,450
Mirpur PKR 235,550 PKR 2,450

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