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Pakistan requests IMF to send review mission next week for revival of loan programme

10:45 AM | 20 Jan, 2023
Pakistan requests IMF to send review mission next week for revival of loan programme
Source: file photo

ISLAMABAD – Pakistan has sent a letter to the International Monetary Fund (IMF) requesting the world lender to send its review mission to the federal capital next week.

The decision was taken during a meeting of the economic team chaired by PM Shehbaz Sharif virtually for the second consecutive day.

As per the media reports, the government has concluded that there is no other choice but to revive the IMF programme on an immediate basis, so they have decided to invite the IMF.

A day earlier, PM Shehbaz gave a nod to implement tough prescriptions of the IMF in order to break the deadlock and accomplish the pending ninth review necessary to release of $1 billion tranche under the $7 billion Extended Fund Facility (EFF).

It was also reported that the economic team had finalised a macroeconomic and fiscal framework and attached conditions of the IMF. 

‘No other option’

There is an understanding among the policymakers that Islamabad is left with no other options but to break the deadlock and revive the stalled IMF programme on a short-term basis to avert a full-fledged balance of payment crisis.

Under the revised macroeconomic and fiscal framework, the government wants to convince the IMF to downward revision on the Petroleum Development Levy (PDL) target from Rs855 billion to Rs550 billion for the current fiscal year. 

The FBR’s tax collection target of Rs7,470 billion would remain intact. The mini-budget will be introduced through the promulgation of a presidential ordinance. 

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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