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Pakistan’s new finance chief urges IMF to ease harsh economic conditions

10:15 AM | 30 Sep, 2022
Pakistan’s new finance chief urges IMF to ease harsh economic conditions
Source: Ministry of Finance (Twitter)

ISLAMABAD – Newly appointed Finance and Revenue Minister Ishaq Dar held a virtual meeting with the International Monetary Fund (IMF) Mission Chief Nathan Porter on Thursday.

During his first interaction with IMF Mission Chief Nathan Porter, the new finance czar urged global lender to ease their harsh programme conditions that require cash-strapped country to further hike power tariffs and taxes on fuel rates.

Dar briefed the IMF mission on the economic impacts of unprecedented floods that affect infrastructure, crops and livelihood.

He said the government would take measures to reduce the burden on the economy while protecting vulnerable sections after the worst calamity in recent memory.

Pakistan will its fiscal deficit and move towards sustainable growth, Dar claimed, adding the government is chalking out a strategy to address structural issues.

During the first interaction, Porter felicitated Dar and asked the finance minister about the specifics of any proposal to seek debt rescheduling from the Paris Club to whom Islamabad owes nearly 10 billion.

Recalling Prime Minister Shehbaz Sharif’s meeting with the IMF managing director during US visit, Dar said IMF vowed to support South Asian nations amid difficult situations after flash floods.

Earlier, IMF put several stern conditions for extended fund facility and the government increased the petroleum levy to Rs50 per litre on all petroleum products. Currently, it is charging Rs37.50 per litre.

Reports in local media said the mission of US based lender did not give any commitment, however mentioned that IMF was looking into the Pakistani request.

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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