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Here’s Pakistan’s Plan-B as IMF hopes fade away

03:32 PM | 18 Jun, 2023
Here’s Pakistan’s Plan-B as IMF hopes fade away
Source: File Photo

ISLAMABAD – Pakistani government and International Monetary Fund (IMF) remained at loggerheads and both sides faced challenges in reaching agreement over policy measures, implementation of reforms, and meeting targets.

As the country of nearly 250 million is in worsening debt crisis; Sharif led government is apparently activating Plan B – the arrangement which was referred by the country’s finance czar Ishaq Dar.

Under the latest gambit, Pakistan is approaching friendly nations to fill the financial gap as the ongoing talks with global lender hang in balance. To bridge funds, the Pakistani government has decided to approach China, UAE and Saudi Arabia.

Islamabad will ask for additional funds of $3 billion from bilateral friends, and it will help Pakistan surpass 2023 without moving toward default.

Pakistani government rolled out the budget for the next financial year with the aim to boost economic growth with several stern measures, however, International Monetary Fund is still not satisfied. The US-based lender raised objections over the budgetary framework, and asked Sharif-led government to increase both tax and non-tax revenues efforts.

Amid the uncertainty, Moody’s Investors Service warned that Islamabad is at huge risk of a failure to salvage IMF bailout funds which remained stalled since November last year. In a statement, the rating company said Pakistan could default, without an IMF programme.

Islamabad has taken all desperate measures to appease the international lender, with a financing gap of around $2 billion and exchange-rate policy among the biggest hurdles.

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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