Pakistan out of economic crisis, in ‘better fiscal position’: IMF chief

04:28 PM | 24 Oct, 2016
Pakistan out of economic crisis, in ‘better fiscal position’: IMF chief
ISLAMABAD - Christine Lagarde, Managing Director of International Monetary Fund (IMF) on Monday congratulated Prime Minister Muhammad Nawaz Sharif on successfully completing the IMF program, saying the completion reflected credibility and stability in country.

Lagarde, who is on her first visit to Pakistan said she was very pleased to be here.
She lauded the Prime Minister for steering the country out of multiple challenges and achieving macroeconomic stability in a short period of time.

“It is a fantastic step in your journey that you have achieved a better and solid economic position in a brief period of two years,” the IMF chief told the Prime Minister, according to a statement issued by PM Office.

“Pakistan is now in a better fiscal position and certainly out of economic crisis,” she said, according to the statement.

Lagarde said that Pakistan’s economic growth had gradually increased, fiscal deficit had reduced while inflation had continuously declined in the country.

“She also appreciated the country’s strengthened social safety nets and tax policy and administration reforms,” the statement mentioned.

Prime Minister Muhammad Nawaz Sharif appreciated IMF’s assistance for Pakistan’s economic recovery and macroeconomic stability, saying the government had achieved economic stability by pursuing a comprehensive reforms agenda.

He said the tireless efforts of the government’s economic team had turned around the Pakistani economy in a short span of three years.

“We are successfully delivering on the major challenges of terrorism, economy and power shortages that we inherited from the previous governments’, the Prime Minister added.

“We have dismantled the terrorists’ networks and even presently 200,000 troops are deployed in the Northern part of our country to completely eliminate the menace of terrorism from our country,” he said.

The Prime Minister said more than 24,000 precious human lives had been lost, about 50,000 wounded while the economy suffered a loss of $100 billion in war against terrorism.

He said though the situation was under control, but the armed forces were still working hard to dismantle the remaining hideouts of terrorists from the country.

On relations with Afghanistan, the Prime Minister emphasized that Pakistan was sincere in helping to bring stability to Afghanistan which is also in the interest of Pakistan.

“Peace and stability and Afghanistan would ensure peace in Pakistan and the region as well,” the Prime Minister added.

The Prime Minister said better management of the border with Afghanistan was also proactively pursued by Pakistan to safeguard the porous border.

He said his government’s ongoing endeavours included addressing energy shortfall at the earliest and improving the country’s infrastructure and communication networks.

Nawaz Sharif said that his government was focussed on increasing the economic growth and then take it to the next level by ensuring the trickledown effect of the economic gains achieved by our government.

“We want to further reduce our expenditures, increase our exports and lower down the cost of production for our industrial and agriculture sectors,” stressed the Prime Minister.

The Prime Minister said his government was setting up power projects in hydel, coal, LNG and would be able to eliminate the power shortages from the country by the year 2018.

He said there was no load-shedding for the industrial sector and the focus is on producing cheaper and affordable electricity.

“We are also committed to provide social protection to the poor and vulnerable people of our society for which our government has increased the budgetary allocation to BISP from Rs 40 to Rs 120 billion in the last three years. The poor families covered under this programme have been increased from 3 million to 5.6 million families,” the Prime Minister said. –APP


Pakistani rupee remains stable against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.

Dollar Rate in Pakistan Today

On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.

Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.

Today's currency exchange rates in Pakistan - 8 December 2023

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

Currency Symbol Buying Selling
US Dollar ‎USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.71
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal ‎QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan increase; Check out latest rates here

Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.

Gold Rates in Pakistan Today - 8 December 2023

On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.

Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.

In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.

Today Gold Rate in Pakistan

Today Gold Price in Pakistan (8 December 2023)

City Gold Silver
Lahore PKR 217,400 PKR 2,583
Karachi PKR 217,400 PKR 2,583
Islamabad PKR 217,400 PKR 2,583
Peshawar PKR 217,400 PKR 2,583
Quetta PKR 217,400 PKR 2,583
Sialkot PKR 217,400 PKR 2,583
Attock PKR 217,400 PKR 2,583
Gujranwala PKR 217,400 PKR 2,583
Jehlum PKR 217,400 PKR 2,583
Multan PKR 217,400 PKR 2,583
Bahawalpur PKR 217,400 PKR 2,583
Gujrat PKR 217,400 PKR 2,583
Nawabshah PKR 217,400 PKR 2,583
Chakwal PKR 217,400 PKR 2,583
Hyderabad PKR 217,400 PKR 2,583
Nowshehra PKR 217,400 PKR 2,583
Sargodha PKR 217,400 PKR 2,583
Faisalabad PKR 217,400 PKR 2,583
Mirpur PKR 217,400 PKR 2,583


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