- Commitment comes during Dar’s meeting with US diplomat.
- He apprises the American diplomat about economic situation.
- Schofer confident in Pakistan’s policies and programmes.
ISLAMABAD: In a meeting with US Embassy Charge’d Affaires Andrew Schofer, Finance Minister Senator Ishaq Dar on Wednesday reiterated the federal government’s commitment to the International Monetary Fund (IMF) programme.
During the meeting at the Finance Division, the finance minister informed Schofer about the ongoing IMF programme and assured him that the coalition government “is committed to completing the programme”, according to a statement released by the Ministry of Finance.
In response, the statement said, Schofer voiced his confidence in Pakistan’s policies and programmes for economic stability and extended his support to advance the existing economic and trade relations between the two states.
The finance minister apprised the American diplomat about the economic situation and discussed the current challenges it was facing.
He further communicated about the difficult policy decisions recently being taken by the government with the aim of stabilising and subsequently boosting the economy, ensuring sustainable and inclusive growth.
During the meeting, Schofer and Dar also exchanged views on “remarkable bilateral relations held with the United States on economic and trade fronts”.
Dar thanked the US charge’d affaires and reiterated the government’s desire to expand bilateral trade and investment ties with the US.
The meeting comes a day after The News — citing sources — reported that Pakistani authorities and the Washington-based lender were blaming each other for the delay in the revival of the bailout programme.
Official sources told the publication on Monday that both the IMF and Pakistan were holding each other responsible for the “unwarranted delay” in the completion of the outstanding ninth review and reviving the stalled programme after the lapse of almost 80 days since both sides completed Islamabad parleys on February 9.
According to the report published in The News, Pakistan’s options for reviving the IMF programme are shrinking with the passage of every day. It is yet to be ascertained how the country will proceed to accomplish the existing IMF programme, which expires on June 30, 2023.
PKR on track to become top-performing currency this month: Bloomberg
- Pakistani currency rose around 6% this month against dollar.
- Authorities curb leakages happening through illegal channels.
- Crackdown on illegal dollar traders helps local currency.
The Pakistani rupee is on track to become the top performer globally in September as the caretaker government continues its crackdown on illegal dollar trade, Bloomberg reported Thursday.
The local currency rose around 6% this month against the dollar — an amazing feat despite the Thai baht and South Korean won tumbling against the greenback.
Major currencies lost ground against the dollar on speculations that the US interest rates will stay elevated for longer.
The rupee increased 0.1% to 287.95 per dollar on Thursday, after sliding to a record low of about 307 this month. Pakistan’s currency market will remain closed for the Eid Miladun Nabi holiday on Friday.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” Khurram Schehzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd, told Bloomberg.
“When the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,” Schehzad said.
The interim rulers have intensified efforts by launching a crackdown on people involved in the illegal dollar trade, allowing the currency to gain some lost ground.
The Federal Investigation Agency, Bloomberg reported, conducted raids across the country and security officials in plainclothes were deployed at money exchanges to monitor dollar sales as part of the crackdown.
Caretaker Prime Minister Anwaar-ul-Haq Kakar this week said the rupee’s gain is “fostering optimism for stability.”
For its part, the State Bank of Pakistan raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign exchange market more transparent and easier to monitor.
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inDrive now available in five more Pakistani cities
KARACHI: inDrive, a popular ride-hailing service in Pakistan, has now expanded its network to five more cities across Pakistan including Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.
In a statement issued by the transport company, the inclusion of these cities reflects inDrive’s dedication to bringing innovative transportation options to both urban centres and suburban areas.
Speaking about the expansion, Senior Business Representative at inDrive Hasan Qureshi said: “We are excited to extend the convenience and reliability of inDrive to residents of Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.”
“Our mission is to redefine transportation by providing safe, affordable, and accessible rides to everyone. With this expansion, we are not only enhancing the commuting experience but also contributing to the economic growth and empowerment of these communities.”
PR Manager Sidra Kiran said that their new service offers city residents the convenience of accessing transport from their homes, eliminating the need to search for it.
“Both drivers and passengers stand to gain significant benefits, including time-saving and the elimination of challenges associated with street hailing. This service addresses issues such as locating rides during odd hours like early mornings or late nights,” she stated.
She further added: “inDrive ride-hailing presents numerous benefits to drivers in small cities, including flexible opportunities, reduced unemployment, supplemental income, enhanced community connection, and positive contributions to the local economy.”
The launch of the company in these cities would benefit both riders and driver-partners.
inDrive further said that it remains committed to upholding the highest standards of safety, affordability, customer service, and technological innovation.
inDrive is Pakistan’s premier ride-hailing service and is revolutionising the way people travel. With a commitment to providing safe, affordable, and reliable transportation.
The company allowed riders to connect with nearby drivers with its app.
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