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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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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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