The Pakistani Rupee, saw an immediate rise of 3 rupees against the US dollar, after the International Monetary Fund’s (IMF) executive board released over $1.1 billion to Pakistan’s cash-strapped economy, the fund and the government said on Monday.
A US dollar is priced at 219 PKR (Pakistani Rupee), whereas a Dirham is priced at 59.85 PKR, as of Wednesday.
The fund release is part of the regulator’s seventh and eighth reviews of the country’s bailout programme.
The UAE is also said to invest $1 billion in Pakistani companies across various sectors, according to state news agency WAM.
Finance Minister Miftah Ismail extended his gratitude to the UAE, along with China, Saudi Arabia and Qatar for helping the country “fulfil the financing gap that revived” the country’s IMF programme.
In addition, Saudi Arabia has rolled out $3 billion in deposits to assist the South Asian country.
“The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the people added,” according to Bloomberg.
The on-going floods have inflicted damage of at least $10 billion according to the country’s planning minister.
Follow us on
