Search

x
Join our whatsapp channel for News Updates

IMF mission reaches Pakistan to discuss stalled bailout programme

09:32 AM | 31 Jan, 2023
IMF mission reaches Pakistan to discuss stalled bailout programme
Source: Representational Photo

ISLAMABAD – The International Monetary Fund mission arrived in Pakistan late Monday to discuss the stalled ninth review of the crucial funding programme, with the country’s economy worsening with each passing day.

Reports in local media suggest that the IMF mission chief for Pakistan Nathan Porter arrived in the capital last night to start the second phase of policy negotiations to finalise a memorandum of economic and financial policies (MEFP).

Islamabad and US-based lender will engage in crucial talk from today as the country of over 220 million is facing a severe acute balance of payments crisis while the coalition government is doing all-out efforts to secure much need funds, with the country’s forex reserves held by central bank are less than one month of imports cover.

Pakistan is eyeing to secure $1.8 billion, which was delayed in the wake of the government's reluctance to accept harsh conditions, however, in recent times the top officials including Prime Minister Shehbaz Sharif mentioned that they are ready to agree on stringent conditions placed by the global lender.

The government is desperate to woo the IMF mission as the local currency has plunged to a historic low against the dollar after an exchange cap was lifted.

Amid the crucial talks, the Sharif-led government is expected to announce new policy measures and start upfront implementation, to address a circular debt of over Rs2.5 trillion in the power sector, expenditure cuts, and tax measures.

Daily Pakistan Global Web Desk

Advertisement

Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
 
76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
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 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter