PM Shehbaz, cabinet members to forgo salaries, perks in austerity drive

01:31 PM | 20 Mar, 2024
PM Shehbaz, cabinet members to forgo salaries, perks in austerity drive
Source: File Photo

ISLAMABAD – Pakistan has to repay over $27 billion in foreign debt within a year, and now government is taking extreme measures to cut expenditure as the country of 240 million is moving out of worst financial crisis in recent times. 

In light of the measures, Prime Minister Shehbaz Sharif, his ministers and advisers have decided against taking salaries. The new government members also opt to forgo perks as part of an austerity drive that will save billions.

Sharif, 72, made the announcement during a cabinet meeting as new government members discussed several agenda including key Staff Level Agreement with the International Monetary Fund (IMF).

During the huddle, Finance Minister Aurangzeb briefed the cabinet on the IMF agreement, highlighting its potential to improve the national economy and boost investor confidence.

Cabinet members also approved formation of PIA Holding Company, marking a significant step towards the privatization of national air carrier.

Furthermore, cabinet members pledged to fight terrorism. PM and his cabinet members offered  Fateha for martyrs of North Waziristan attack.

Earlier, President Asif Zardari also decided against taking salary and perks amid economic challenges.

Daily Pakistan Global Web Desk


Currency Rates in Pakistan - Pakistani rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 June 2024

Pakistani currency rates against US Dollar and other currencies on June 22, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.7
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74


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