KARACHI: The Pakistani currency on Wednesday hit an all-time low of 146.25 rupees against the US dollar amid looming fears of further devaluation, just days after Pakistan signed a bailout deal with the International Monetary Fund.
The $6 billion bailout package comes with strict reform conditions, including measures to maintain a free-floating exchange rate.
After reaching the record low, the rupee closed at 144 against the dollar at the end of the trading day.
Malik Bostan, president of the Forex Association of Pakistan, said he met with Prime Minister Imran Khan on Wednesday, who assured him that the IMF had not demanded further devaluation of the rupee.
“The IMF has only demanded an exchange rate based on demand and supply,” Bostan told Arab News.
“After the meeting with PM, dollar rates have started cooling down and will further stabilize. We have requested the government to impose a ban on rumors regarding the rupee that are hurting market sentiments. Predictions about the dollar (in) the media should be stopped.”
Bostan said that Khan had consented to setting up a committee comprising officials from the State Bank of Pakistan, exchange companies and the Finance Ministry to resolve the issues faced by exchange companies.
“We have informed him we can increase inflow of greenback from $5-6 billion to $7-8 billion provided agreements are facilitated with around 500 international companies operating in Pakistan,” Bostan said, adding that the PM had agreed to devise a mechanism to discourage the outflow of dollars from Pakistan by encouraging investment in the country.
The International Monetary Fund and Pakistan reached a “staff level agreement” on Sunday for a $6 billion bailout package following months of negotiations on a deal that aims to bolster Pakistan’s flagging economy and perilously low foreign exchange reserves.
Talks with the IMF began soon after Khan’s government was appointed last August but a package has been held up by differences over the pace and scale of reforms that Pakistan would be required to undertake.
The IMF has pressed Pakistan to improve tax revenue collection, bolster foreign currency reserves and narrow a current account deficit expected to top 5 percent of gross domestic product this year. The Fund has also pushed Pakistan to embrace a flexible rupee policy. Pakistani officials fear these steps will further hurt economic growth, cause of spike in the key interest rate and push the Pakistani rupee further down.
“A market-determined exchange rate will help the functioning of the financial sector and contribute to a better resource allocation in the economy,” the IMF said in a statement issued after the agreement.
“The rumors of further devaluation of (the) rupee against dollar have squeezed the supply of the dollar and increased demand,” said Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan. “Those holding dollars are not willing to sell, anticipating gains on devaluation.”
Pakistan rupee hits all-time low days after IMF bailout deal
Pakistan rupee hits all-time low days after IMF bailout deal
- Currency falls to record 146.25 against the US dollar
- PM reportedly said the fund has not demanded further devaluation
Saudi Arabia nears 2030 tourism target as visitor numbers hit 122m in 2025
JEDDAH: Saudi Arabia is getting closer to its 2030 tourism target after it welcomed an estimated 122 million visitors in 2025, a 5 percent annual increase, according to preliminary official data.
The milestone marks a significant step toward Vision 2030’s target of 150 million annual visitors. It comes as total tourism spending reached an estimated SR300 billion ($81 billion), up 6 percent from 2024, underscoring the sector’s growing economic impact, according to the Ministry of Tourism.
The development reflects strategic investments in global destination projects, visa reforms, and expanded hospitality infrastructure that underpin Vision 2030’s drive to diversify the economy and position the Kingdom as a leading tourism hub.
The Minister of Tourism Ahmed Al-Khateeb highlighted the achievement on X, thanking Saudi Arabia’s leadership for their support, which he said “delivered another year of record performance and sustained growth.”
He added: “These preliminary figures, unveiled at WEF26 (World Economic Forum 2026), underscore a clear reality: Saudi tourism is no longer an emerging story. It is a growth engine, building investor confidence, shaping global demand, and unlocking long-term opportunity at scale.”
In 2024, the Kingdom welcomed 116 million tourists, exceeding its annual visitor target for the second consecutive year, according to the Ministry of Tourism’s statistical report released in June.
The total comprised 29.7 million inbound visitors, marking an 8 percent year-on-year increase, and 86.2 million domestic trips, up 5 percent from 2023.
After surpassing its original 100 million visitor target six years ahead of schedule in 2023, the Kingdom revised its tourism ambitions, setting a new goal of 150 million annual tourists by 2030, including 70 million international visitors and 80 million domestic tourists.
Tourism currently accounts for 18 percent of global gross domestic product and 5 percent of the Kingdom’s GDP, Minister Al-Khateeb said, according to the Saudi Press Agency.
Speaking at a session titled “AI and the Future of Tourism” during the ninth Future Investment Initiative conference in October, Al-Khateeb said: “We aspire to double that figure within the next five years, which will represent 10 percent of total jobs.”
The minister highlighted the rapid transformation of the Kingdom’s tourism landscape, driven by the expansion of new segments such as entertainment, sports, culture, and conferences, events, and exhibitions.
