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Covid-19: Pakistan secures $1.7 billion debt relief deal from international creditors

05:57 PM | 22 Dec, 2020
Covid-19: Pakistan secures $1.7 billion debt relief deal from international creditors

ISLAMABAD – Pakistan has signed a $1.7 billion debt rescheduling agreements with international creditors, getting fiscal space for its stressed economy amid COVID-19 pandemic.

Secretary Economic Affairs Division Noor Ahmad expressed that the deal, following months of talks with creditors, was “timely and had helped Pakistan save lives and livelihoods of millions during the difficult COVID-19 times”.

A statement issued by the Ministry of Finance said that Pakistan had entered into negotiations with 21 creditor countries for debt suspension amounting to $1.7 billion after the G20 countries, together with the Paris Club creditors announced the initiative.

"The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club," read the statement.

Pakistan's dwindling economy suffered more after the government imposed a slew of lockdown restrictions earlier this year, closing major segments of the economy, in order to slow the spread of COVID-19 in the country.

Prime Minister Imran Khan has been repeatedly pushing the international creditors to forgive the debt of poor countries.

Earlier this year, the G20 together with the Paris Club announced a Debt Service Suspension Initiative (DSSI) waiving most debt payments for the world's poorest countries in 2020 in order to help their economies in tough times.

In June, Pakistan was among a handful of countries to get debt relief from the Paris Club in an effort to handle the fallout of the coronavirus pandemic

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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 1, 2023 (Wednesday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 267.53 268.18
Euro EUR 290.22 290.82
UK Pound Sterling GBP 330.48 331.18
U.A.E Dirham AED 72.78 73.08
Saudi Riyal SAR 71.23 71.53
Australian Dollar AUD 190 193
Bahrain Dinar BHD 702.68 710.68
Canadian Dollar CAD 201.75 205
China Yuan CNY 39.15 39.55
Danish Krone DKK 38.6 39
Hong Kong Dollar HKD 33.72 34.07
Indian Rupee INR 3.24 3.35
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 865.31 874.31
Malaysian Ringgit MYR 62.24 62.84
New Zealand Dollar NZD 171.35 173.35
Norwegians Krone NOK 26.76 27.06
Omani Riyal OMR 686.49 694.49
Qatari Riyal ‎QAR 72.58 73.28
Singapore Dollar SGD 201.2 203.2
Swedish Korona SEK 25.45 25.75
Swiss Franc CHF 286.19 288.69
Thai Bhat THB 8.06 8.21

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs202,000 on Wednesday. The price of 10 grams of 24k gold was recorded at Rs173,190.

Likewise, 10 grams of 22k gold were being traded for Rs164,500 while a single tola of 22-karat gold was being sold at Rs 179,100.

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 202,000 PKR 2,390
Karachi PKR 202,000 PKR 2,390
Islamabad PKR 202,000 PKR 2,390
Peshawar PKR 202,000 PKR 2,390
Quetta PKR 202,000 PKR 2,390
Sialkot PKR 202,000 PKR 2,390
Attock PKR 202,000 PKR 2,390
Gujranwala PKR 202,000 PKR 2,390
Jehlum PKR 202,000 PKR 2,390
Multan PKR 202,000 PKR 2,390
Bahawalpur PKR 202,000 PKR 2,390
Gujrat PKR 202,000 PKR 2,390
Nawabshah PKR 202,000 PKR 2,390
Chakwal PKR 202,000 PKR 2,390
Hyderabad PKR 202,000 PKR 2,390
Nowshehra PKR 202,000 PKR 2,390
Sargodha PKR 202,000 PKR 2,390
Faisalabad PKR 202,000 PKR 2,390
Mirpur PKR 202,000 PKR 2,390

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