Pakistani rupee drops to record low amid talks with IMF

May 19, 2022, 5:26 AM | Updated: 6:12 am

ISLAMABAD (AP) — Pakistan’s currency plummeted to an all-time record low in intraday trading against the U.S. dollar on Thursday, amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif who is considering massive new taxation to avoid a default.

According to the central bank, the rupee slid to 200 against the U.S. dollar, showing a steady decline in the value of this Islamic nation’s currency.

Information Minister Maryam Aurangzeb said that Pakistan is banning all non-essential imports, including cars and luxury goods to avoid any further depreciation of rupee against the American dollar.

“Pakistan is facing an economic emergency situation, and we are taking correct and tough decisions to overcome this economic crisis,” she told a news conference.

The latest development comes a day after Pakistan opened talks with IMF in Doha to revive the $6 billion bailout package, which has been on hold since ex-premier Imran Khan’s government was ousted in April.

Since then, the rupee has lost value against the U.S. dollar by 13 percent.

According to a government statement, Pakistan’s Finance Minister Miftah Ismail is leading its talks with the IMF. It said these talks, which started on Wednesday, will conclude next week.

Pakistan and the IMF originally signed the accord in 2019, but the release of a key installment had been on hold since earlier this year. That’s when the fund expressed reservations about a delay in Pakistan’s compliance with the conditions of the bailout by the former premier Khan’s government.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Lead water pipes pulled from underneath the street are seen in Newark, N.J., Oct. 21, 2021. (AP Pho...

Associated Press

Biden to require cities to replace harmful lead pipes within 10 years

The Biden administration has previously said it wants all of the nation's roughly 9 million lead pipes to be removed, and rapidly.

1 day ago

Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2...

Associated Press

Meta shuts down thousands of fake Facebook accounts that were primed to polarize voters ahead of 2024

Meta said it removed 4789 Facebook accounts in China that targeted the United States before next year’s election.

1 day ago

A demonstrator in Tel Aviv holds a sign calling for a cease-fire in the Hamas-Israel war on Nov. 21...

Associated Press

Hamas releases a third group of hostages as part of truce, and says it will seek to extend the deal

The fragile cease-fire between Israel and Hamas was back on track Sunday as the first American was released under a four-day truce.

6 days ago

Men look over the site of a deadly explosion at Al-Ahli Hospital in Gaza City, Wednesday, Oct. 18, ...

Associated Press

New AP analysis of last month’s deadly Gaza hospital explosion rules out widely cited video

The Associated Press is publishing an updated visual analysis of the deadly Oct. 17 explosion at Gaza's Al-Ahli Hospital.

9 days ago

Peggy Simpson holds a photograph of law enforcement carrying Lee Harvey Oswald's gun through a hall...

Associated Press

JFK assassination remembered 60 years later by surviving witnesses to history, including AP reporter

Peggy Simpson is among the last surviving witnesses who are sharing their stories as the nation marks the 60th anniversary.

9 days ago

Israeli Prime Minister Benjamin Netanyahu, chairs the weekly cabinet meeting in Jerusalem, Sunday, ...

Associated Press

Israeli Cabinet approves cease-fire with Hamas; deal includes release of 50 hostages

Israel’s Cabinet on Wednesday approved a cease-fire deal with the Hamas militant group that would bring a temporary halt to a devastating war.

10 days ago

Sponsored Articles

Follow @KTAR923...

The best ways to honor our heroes on Veterans Day and give back to the community

Veterans Day is fast approaching and there's no better way to support our veterans than to donate to the Military Assistance Mission.


Dierdre Woodruff

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Follow @KTAR923...

West Hunsaker at Morris Hall supports Make-A-Wish Foundation in Arizona

KTAR's Community Spotlight this month focuses on Morris Hall and its commitment to supporting the Make-A-Wish Foundation in Arizona.

Pakistani rupee drops to record low amid talks with IMF