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IMF approves $506m loan tranche for Pakistan

02:42 PM | 27 Jun, 2015
IMF approves $506m loan tranche for Pakistan
Washington (APP) – The International Monetary Fund (IMF) has approved release of about 506 million dollars for Pakistan as part of three-year loan programme supported by an Extended Fund Facility (EFF).

 

In a statement issued in Washington, IMF said the tranche was released after the board completed the seventh review of Pakistan's economic performance under EFF.

 

With the release of the latest tranche, the total amount so far disbursed to Pakistan comes to about 4.05 billion dollars. This will take the country's foreign exchange reserves to 18.7 billion dollars.

IMF Acting Chair Mitsuhiro Furusawa said progress toward macroeconomic stabilization in Pakistan is encouraging.

 

He said the planned fiscal adjustment in the context of the fiscal year 2015-16 budget is appropriate.

 

The authorities' plans to broaden the tax base, including eliminating tax exemptions and concessions, are welcome, though significant scope remains for increasing tax compliance and enforcement.

 

IMF noted that foreign exchange reserves have continued to increase and monetary policy has remained appropriate under current macroeconomic conditions.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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