The Chief of Army Staff, General Qamar Javed Bajwa, has requested assistance from Washington in achieving an early transfer of funds from the International Monetary Fund in order to help stabilize Pakistan's shrinking economy. Deputy Secretary of State Wendy Sherman, according to security sources, spoke with the army chief earlier this week. It is stated that the army chief made a plea to the White House and Treasury Department to get the IMF to immediately supply the almost $1.2 billion that the country is slated to receive under a reopened loan program. "Staff-level approval" for the loan was granted by the International Monetary Fund (IMF) on July 13. IMF Executive Board clearance is required before the transaction can be completed as part of Pakistan's $6 billion Extended Fund Facility. The International Monetary Fund (IMF) will be on vacation for the next three weeks, and its board will not meet until late August at the earliest. According to an IMF official wh...
The dollar-to-rupee exchange rate increased to a record high of Rs. 221 in the interbank market.
Dollar-to-Rupee Exchange Rate Rises to a Record High of Rs. 221 in Interbank.
On Tuesday, the Pakistani rupee continued to lose value in the interbank market, reaching a new low of 221 versus the US dollar.
The rupee dropped 5.80 throughout the day's trading.
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