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

Web Desk 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. 

Web Desk
Web Desk

Daily Pakistan Global Web Desk

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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 February 03, 2023 (Friday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 272.25 273.25
Euro EUR 297.32 297.65
UK Pound Sterling GBP 333.31 333.61
U.A.E Dirham AED 73.03 73.33
Saudi Riyal SAR 71.49 71.80
Australian Dollar AUD 188.9 191.3
Bahrain Dinar BHD 712.73 720.73
Canadian Dollar CAD 200.95 203.15
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.11 39.51
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 877.76 886.76
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.76 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

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 212,900 PKR 2,420
Karachi PKR 212,900 PKR 2,420
Islamabad PKR 212,900 PKR 2,420
Peshawar PKR 212,900 PKR 2,420
Quetta PKR 212,900 PKR 2,420
Sialkot PKR 212,900 PKR 2,420
Attock PKR 212,900 PKR 2,420
Gujranwala PKR 212,900 PKR 2,420
Jehlum PKR 212,900 PKR 2,420
Multan PKR 212,900 PKR 2,420
Bahawalpur PKR 212,900 PKR 2,420
Gujrat PKR 212,900 PKR 2,420
Nawabshah PKR 212,900 PKR 2,420
Chakwal PKR 212,900 PKR 2,420
Hyderabad PKR 212,900 PKR 2,420
Nowshehra PKR 212,900 PKR 2,420
Sargodha PKR 212,900 PKR 2,420
Faisalabad PKR 212,900 PKR 2,420
Mirpur PKR 212,900 PKR 2,420

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