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IMF approves much needed bailout package for Pakistan

09:13 PM | 29 Aug, 2022
IMF approves much needed bailout package for Pakistan

WASHINGTON – International Monetary Fund (IMF) on Monday approved the bailout package for Pakistan, in a massive relief to the government as cash strapped country is facing recent floods and economic uncertainty.

Finance Minister Miftah Ismail confirmed the development, saying "Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default. I congratulate the nation."

The development comes as the South Asian nation met all prior actions proposed by the global lender. The ruling alliance also faced the wrath of distressed pubic after increasing the petroleum prices.

Pakistan lately secured financing that IMF required it to first arrange before considering a bailout deal. Saudi Arabia, Qatar, and UAE announced investing in different sectors of Pakistan's economy.

It was reported that IMF officials also gave a nod to increase the loan size to around $7 billion and extended it till June 2023.

The EFF programme, which was stalled along with another financing, was crucial for the South Asian nation that is desperately seeking dollar inflows amid a looming economic crisis.

Reports suggest that executive directors supported Islamabad’s request for loan approval and extension except for New Delhi.

The global lender further approved the extension of the programme through end-June 2023, and the augmentation of access by $930 million.

Islamabad earlier completed many stern demands, while the country has to show a primary budget surplus target of Rs153 billion until it is mutually revised in consultation with the IMF staff.

Meanwhile, Sharif-led incumbent government slammed PTI for attempting to jeopardise the IMF loan programme after KP refused to implement the terms of the Fund’s agreement in a letter.

  
 
 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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