Miftah says deal with IMF will conclude successfully despite resistance from Punjab, KP

PTI backed governments now declines to show cash surplus, which was demanded by global lender

Web Desk 05:23 PM | 27 Aug, 2022
Miftah says deal with IMF will conclude successfully despite resistance from Punjab, KP
Source: File photo

KARACHI – Finance Minister Miftah Ismail slammed the Khyber Pakhtunkhwa administration as Pakistan’s deal with the IMF come ‘under suspicion’ after Punjab and KP announced to backtrack for generating a revenue surplus during the current fiscal year.

As the cash-strapped country was about to get the much-sought payment from IMF, the Khyber Pakhtunkhwa government refused to implement the IMF loan precondition for the surplus budget, citing non-payment of arrears by Sharif led government.

Soon after the PTI-backed government showed resistance, Pakistan’s Finance chief rapped Khyber Pakhtunkhwa's Finance Minister Taimur Khan Jhagra for ‘jeopardising the IMF programme’, calling it a ‘conspiracy against Pakistan’.

Addressing a hurriedly called presser, Miftah said PTI leaders put Pakistan at stake when it is already reeling from the devastations caused by rains and floods.

He said the deal with the global lender to revive its $6 billion loan program would be materialised, despite the withdrawal of key conditions of provincial surplus by the KP.

In a letter, KP Finance Minister said the provincial administration find it difficult to run a provincial surplus this year in the wake by massive floods, however, Miftah rapped him. Mr jhagra denied approaching IMF over the surplus issue while speaking with a publication.

PTI leader also shared a tweet, saying the federal government committed to resolving major financial issues in the last meeting held on July 6, 2021.

“In return, as committed, I obtained the authorisation of the Chief Minister, for the province of Khyber Pakhtunkhwa to sign on to the MoU and did so within 24 hours. The KP government did this in the greater national interest. However, in contrast to this, in the intervening period of almost two months, we have been unable to get time to meet either with the minister or the secretary, even once, despite repeated requests,” Jhagra wrote.

Last month, Pakistan agreed with the IMF to present a memorandum of understanding (MoU), signed by provincial governments, to jointly provide around Rs750 billion ($339 million) cash surplus to the center.

Islamabad requested an exemption from some targets set by the US-based lender and the executive board will also consider it in the upcoming meeting.

Earlier this month, Finance Minister revealed that Pakistan sent back the signed letter of intent to the International Monetary Fund. A senior official of IMF also revealed that Pakistan completed all prerequisites for the revival of the Extended Fund Facility programme.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 31, 2023

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 March 31, 2023 (Friday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 283.8 286.6
Euro EUR 306 309
UK Pound Sterling GBP 347.5 351
U.A.E Dirham AED 77.2 79.9
Saudi Riyal SAR 75.6 76.4
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 31 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Friday. The price of 10 grams of 24k gold was recorded at Rs178,500.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.

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 208,200 PKR 2,470
Karachi PKR 208,200 PKR 2,470
Islamabad PKR 208,200 PKR 2,470
Peshawar PKR 208,200 PKR 2,470
Quetta PKR 208,200 PKR 2,470
Sialkot PKR 208,200 PKR 2,470
Attock PKR 208,200 PKR 2,470
Gujranwala PKR 208,200 PKR 2,470
Jehlum PKR 208,200 PKR 2,470
Multan PKR 208,200 PKR 2,470
Bahawalpur PKR 208,200 PKR 2,470
Gujrat PKR 208,200 PKR 2,470
Nawabshah PKR 208,200 PKR 2,470
Chakwal PKR 208,200 PKR 2,470
Hyderabad PKR 208,200 PKR 2,470
Nowshehra PKR 208,200 PKR 2,470
Sargodha PKR 208,200 PKR 2,470
Faisalabad PKR 208,200 PKR 2,470


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