[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Despite the fact that tensions linger in budget discussions between Pakistan and the IMF, the Pakistani rupee gained some value versus the US dollar on Thursday, according to the 24NewsHD TV programme.
According to information gathered from foreign exchange brokers, the local currency gained 18 paisas against the US dollar and was now trading at Rs287.
After three straight losses, the Pakistan rupee gained ground versus the US dollar on Wednesday, rising 0.28% in the interbank market. At the closing, the currency had closed at 287.18, up 79 paisas.
Interbank closing #ExchangeRate for today https://t.co/bCE39AUrIe#SBPExchangeRate pic.twitter.com/wYKKMjGfY3
— SBP (@StateBank_Pak) June 14, 2023
The International Monetary Fund (IMF) has rejected the budget for the coming fiscal year, which is a significant development. According to IMF spokeswoman Esther Perez, the IMF has been discussing strategies with Pakistani authorities in order to safeguard the country’s financial stability.
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“In next year’s budget proposals, the opportunity to broaden the tax net was passed up,” she remarked. “Including tax amnesty in the budget violates the loan programme.” “The tax amnesty programme may have an impact on the loan programme,” she noted.
“A long list of tax exemptions has reduced transparency in the tax system,” she says.
“Steps could have been taken in the budget to address the energy sector’s problems.” “The budget could include a strategy to deal with liquidity pressures in the energy sector,” she noted.
“Resources for the BISP have been reduced in the budget for the next fiscal year,” she said, adding that the IMF was willing to negotiate with the Pakistani government prior to budget approval.
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