0 0
Read Time:1 Minute, 23 Second

The rupee fell for the second consecutive session against the US dollar, closing near the 208 level in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the local currency settled at 207.99, a depreciation of Rs1.05 or 0.50%, against the greenback.

On Tuesday, the rupee closed at 206.94 after a depreciation of Rs2.38 or 1.15% against the US dollar.

Rupee closes near 207 amid renewed uncertainty over IMF programme

The fall comes as analysts maintain that Punjab government’s latest measure to provide free electricity to households consuming up to 100 units has irked sentiment as the development could derail progress made with the International Monetary Fund (IMF) that has reiterated its stance on energy subsidies.

Brushing aside those concerns, Finance Minister Miftah Ismail on Tuesday said that IMF should not be worried about Punjab government’s move.

Speaking on Aaj News programme, ‘Faisla Aap Ka’, the finance minister said that it is a “good subsidy”.

Miftah explained that usage of funds by provinces is out of the IMF’s scope. “I have given the money to provinces. What they do with that money is their concern,” he said.

The finance minister said that his responsibility was to reduce the budget deficit, collect revenue and give money to the province. “I have done all three,” he remarked.

Miftah added that he was in touch with the IMF on a daily basis.

Pakistan has been actively pursuing the IMF to revive its stalled Extended Fund Facility (EFF).

The programme is widely seen as crucial for Pakistan’s economy, which has struggled with high inflation and a widening current account deficit.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %