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IMF delegation to visit Pakistan for first review talks

12:10 PM | 25 Oct, 2023
IMF delegation to visit Pakistan for first review talks
Source: File photo

ISLAMABAD – An International Monetary Fund (IMF) delegation is set to visit Pakistan on November 2 for discussions related to the initial evaluation of the country’s $3 billion standby arrangement (SBA).

Pakistan’s finance ministry has begun preparations for these forthcoming talks with the global lending institution.

This development was verified by the IMF’s resident representative, Esther Perez Ruiz. The cash-strapped nation, currently operating under a caretaker administration, aims to move toward economic recovery following the IMF’s approval of its loan program in July this year.

This loan program averted a sovereign debt default, with Pakistan receiving its initial $1.2 billion tranche from the Washington-based lender shortly after approval.

Esther Perez Ruiz stated, “An International Monetary Fund team led by Mr. Nathan Porter will embark on a mission to Pakistan starting on November 2 for the first review under the current Stand-By Arrangement.”

Simultaneously, the finance secretary has called for a crucial meeting involving all ministries, divisions, and departments to receive updates on all structural benchmarks, indicative criteria, and performance criteria agreed upon with the IMF for the end of September 2023.

The finance ministry has taken extensive measures to adhere to the budget deficit target set in agreement with the lender. The ministry had cautioned the provinces to curtail their expenditures, and the most recent provisional estimates indicate that Punjab and Sindh have made notable progress in this regard.

An additional challenge in containing the overall fiscal deficit is the growing debt servicing requirements, which are expected to exceed Rs8.3 trillion to reach Rs8.5 trillion in the current fiscal year 2023–24. This is in contrast to the initial target of Rs7.3 trillion, primarily due to the elevated policy rate set by the central bank.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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