[ad_1] The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, Britain. —Reuters/FileDowngrade reflects further deterioration in external liquidity and funding conditions.Partly a result of floods that will undermine Pakistan’s efforts to rein in twin deficits.Company does not typically assign outlooks to sovereign nations with a rating of ‘CCC+’ or below.As the country’s wobbly economy continues to face headwinds from all sides, Fitch Ratings, on Friday, slashed Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘, which analysts say does not bode well for the country recovering from super floods.According to its…
Author: Web Desk
[ad_1] In this file photo, the logo of the FATF (the Financial Action Task Force) is seen after a plenary session in Paris. — AgenciesFATF plenary to end today.Hina Rabbani Khar in Paris to attend FATF meeting.Announcement expected at 08:00pm.ISLAMABAD: Pakistan is hopeful of being removed from the grey list by the Financial Action Task Force (FATF) as the global money-laundering watchdog meets in Paris to review the implementation of its action plan by Islamabad.There are strong chances and high hopes by many experts and diplomats that FATF will finally remove Pakistan from its grey list and an announcement in…
[ad_1] An image of the headquarters of the Asian Development Bank (ADB). — ADB websiteProgramme designed to cushion the impacts of external shocksWill help the government manage the impacts of high pricesFamilies receiving cash transfers to increase from 7.9m to 9m.MANILA: The Asian Development Bank (ADB) has approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions, the multilateral lender said on Friday.The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program, will help fund the government’s $2.3 billion…
[ad_1] A representational image of K-Electroic logo. — Twitter/FileIGCF holds majority stakes in KE, says spokesperson.Controlling stake in KE is acquired by Sage Venture Group Limited.KE’s controlling stake sale nears completion abroad at court in Cayman Islands.LONDON: The Karachi Electric (KE) has confirmed to the Pakistan Stock Exchange (PSX) that a large part of the controlling stake in Infrastructure and Growth Capital Fund (IGCF) has been acquired by Sage Venture Group Limited — a British Virgin Islands-registered special purpose company.The K-Electric said in a clarification that its letter to Pakistan Stock Exchange pertained to the shareholder and not the electricity distribution company.A…
[ad_1] A person enters the building of the Washington-based global development lender, The World Bank Group, in Washington. — AFPWorld Bank hopes Pakistan will focus on economic reforms. Says report of estimated flood losses will be relased next week. It adds allocation of $2bn in funds has been announced so far.WASHINGTON: The World Bank on Friday said that Pakistan will have to take “tough” decisions for economic recovery, hoping that the country will focus on reforms as promised.”We acknowledge that it will be difficult for Pakistan to work on the reforms considering the economic situation of the country after the floods as…
[ad_1] Staff members of the Asian Development Bank step out of the Manila-based lender’s headquarters on February 17, 2009. — AFP/File Loan to help boost Pakistan’s decreasing foreign currency reserves.AIIB likely to approve co-financing of $500 million.Pakistan requires $34 billion in the current fiscal year.ISLAMABAD: The Asian Development Bank (ADB) will finalise a $1.5 billion loan for Pakistan under Building Resilience with Active Countercyclical Expenditure (BRACE) programme today (October 21), The News reported. It is expected that once the loan is approved, it will be disbursed next week which will help Pakistan to boost its decreasing foreign currency reserves.Asian Infrastructure Investment Bank (AIIB) is also likely to approve co-financing of…
[ad_1] Picture of a car. — AFP/File Operations suspended from October 24 to October 26.Pak Suzuki’s motorcycle plant will remain functional.Company says reduction in inventory reason for closure. KARACHI: Pak Suzuki Motors on Thursday announced that it would be stopping its production for three days in a bourse filing, The News reported.The automobile company said that the operations at the automobile plant would be suspended from October 24 to October 26, 2022. The State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under the HS code 8703 category (including CKDs) through a circular on May 20, 2022, said the company. “Restrictions had…
[ad_1] A representational image of a person counting $100 notes. — Reuters/FileSBP cites no reason behind this nominal change.Overall liquid foreign currency reserves stand at $13,250.9m.Pakistan has an import cover of 1.10 months.KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) remained steady, recording no major change during the week.On October 14, the foreign currency reserves held by the SBP were recorded at $7,597.2 million compared with $7,596.9 on October 7, data released by SBP showed on Thursday.Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP,…
[ad_1] A representational image of gold jewellery. — Reuters/FilePrice settles at Rs147,900 per tola.Gold is fast approaching key lows.Silver prices remain unchanged.KARACHI: Gold snapped its four-day gaining spree as price declined by 1.7% per tola in Pakistan in line with the dominant trend in the international market since the last few days.Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price rose by Rs2,500 per tola and Rs2,144 per 10 grams to settle at Rs147,900 and Rs126,800. Gold is fast approaching key lows as the strengthening rupee and higher interest rates reduce the non-yielding…
[ad_1] A representational image of a person counting Pakistani notes. — Reuters/FileRupee closes at 220.95 after losing 0.03% in interbank market.Analyst says rupee’s outlook has improved significantly.Since the start of fiscal year 2022-23, rupee has lost Rs16.1.KARACHI: The downward slide of the Pakistani rupee slowed on Thursday as the encouraging current account deficit number has lent some support to the local unit.According to the State Bank of Pakistan (SBP), the local currency closed at Rs220.95 in the interbank market after depreciating registering a meagre loss of 0.03% against the greenback compared to Wednesday’s close of 220.88.The market took positive cues from…