Search

Significant progress made towards Pakistan loan talks: IMF

10:00 AM | 24 May, 2024
Significant progress made towards Pakistan loan talks: IMF

The International Monetary Fund (IMF) mission and Pakistan have made notable progress towards reaching a staff-level agreement for an extended fund facility (EFF), the IMF announced on Friday.

Following the completion of a short-term $3 billion programme last month, which helped Pakistan avoid a sovereign debt default, the IMF has initiated discussions with Islamabad on a new loan programme.

An IMF team, led by mission chief Nathan Porter, concluded in-person discussions with Pakistani authorities on Thursday after arriving in Pakistan on May 13, according to an IMF statement.

“The mission and the authorities will continue policy discussions virtually over the coming days, aiming to finalise discussions, including the financial support needed to underpin the authorities’ reform efforts from the IMF and Pakistan’s bilateral and multilateral partners,” Porter said.

The statement highlighted that Pakistan’s reform programme aims to transition the country from economic stabilization to robust, inclusive, and resilient growth.

Pakistani authorities plan to strengthen public finances by improving domestic revenue mobilisation through fairer taxation, while also increasing spending on human capital, social protection, and climate resilience. Other goals include ensuring energy sector viability, reducing energy costs, maintaining low and stable inflation through appropriate monetary and exchange rate policies, improving public service provision via restructuring and privatisation of state-owned enterprises (SOEs), and promoting private sector development by securing a level playing field for investment and enhancing governance.

Porter termed the discussions “fruitful” and confirmed that the IMF and Pakistani authorities would continue policy discussions virtually to finalise the agreement, including securing the necessary financial support from the IMF and Pakistan’s bilateral and multilateral partners.

Pakistan is expected to seek at least $6 billion under the new programme and request additional financing from the IMF under the Resilience and Sustainability Trust.

The IMF has emphasized that prioritizing reforms to rejuvenate the Pakistani economy is more critical than the size of the new loan package being negotiated. Earlier this month, the IMF warned that downside risks for the Pakistani economy remain exceptionally high.

Daily Pakistan Global Web Desk

Advertisement

Currency Rates in Pakistan - PKR to US Dollar, Euro, Dirham, Riyal 18 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 18, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter