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'Pakistan eyes Pension, BISP cuts' in upcoming budget to fix broken economy

11:31 AM | 24 Apr, 2024
'Pakistan eyes Pension, BISP cuts' in upcoming budget to fix broken economy

ISLAMABAD – PML-N led coalition government is working on upcoming budget with stern measures on cards to fix $350 billion economy that faces massive balance of payment crisis.

Under Aurangzeb's financial planning, the government eyed to reduce expenses. These measures include a major cut in pensions, except for those given to defense, civil armed forces, and police personnel.

Furthermore, funding for provincial development projects will be halted as for this year, and the cost of the Benazir Income Support Programme (BISP) will be shared with provinces.

These recommendations were made by a panel to PM Sharif and are aimed at mending government expenditure by up to Rs300 billion per year.

The committee members further proposed to stop establsing new universities under the Higher Education Commission (HEC) and suggest that provincial governments share the financial responsibility for beneficiary programs including BISP program.

The committee also recommends closing all Sustainable Development Goals (SDGs) and provincial nature projects, funding only national-level projects from the next FY.

Federal subsidies provided for provincial subjects would be withdrawn.

Earlier, the country's new finance czar said the government will revisit the National Finance Commission Award, a mechanism for sharing resources between the center and provinces.

Daily Pakistan Global Web Desk

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 20 May 2024

Pakistani currency rates against US Dollar and other currencies on May 20, 2024 (Monday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

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

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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