PAKISTAN ECONOMY NEWS
Pakistan stocks downgraded to frontier market by FTSE Russell
Pakistan's market status has been lowered from secondary emerging to frontier market by FTSE Russell, impacting equities with potential outflows. Despite this, the market remains optimistic due to IMF support. Debt concerns and political volatility have contributed to Pakistan's struggle to maintain its market size and liquidity.
Pakistan has met all requirements for IMF bailout deal, finance official says
The South Asian country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger rises at new taxation measures.
"Umpires should keep their eyes open": Inzamam makes bizarre ball-tampering allegations against Arshdeep Singh
The ICC T20 World Cup witnessed controversy as allegations of ball-tampering surfaced against Arshdeep Singh, sparking debates on fair play. Despite challenges, India's strong performance led them to the semifinals, where they will face England in a crucial match on Thursday.
Privatisation of Pakistan International Airlines schedule for early August: Reports
In the upcoming privatisation of Pakistan International Airlines, Finance Minister Muhammad Aurangzeb and Coordinator to Prime Minister Shahbaz Sharif play crucial roles in ensuring transparency and efficiency in the process.
Charting the global economy: Fed holds; BOJ leaves yen at risk
Federal Reserve officials expect only one interest-rate cut this year, while the Bank of Japan delays details on bond buying. Far-right parties in Europe influence elections and impact the euro's value.
Pakistan PM Shehbaz Sharif in Beijing for talks with President Xi to seek more investments, elevate ties
Visiting Pakistan Prime Minister Shehbaz Sharif has reached Beijing for talks with Chinese President Xi Jinping and other leaders to elevate all-weather bilateral ties and prospects of more aid and investments to bail out his cash-strapped country from the current economic crisis. Sharif, on a five-day official visit to China since June 4, toured the southern high-tech city of Shenzhen on Wednesday and addressed the investors meeting.
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Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Big Daddy LIC manages money nearly double the size of Pakistan's economy
LIC assets have exceeded Rs 50 lakh crore, marking a significant milestone and overshadowing Pakistan's GDP. In FY24, LIC reported a profit of Rs 40,676 crore and total premium income of Rs 4,75,070 crore. The company, with a market share of nearly 59% in the Indian life insurance sector, is now eyeing entry into the health insurance domain. Its market value has surged by nearly 52% in the past six months, making it the seventh-largest stock by market capitalization.
RBI's balance sheet size is now 2.5x the size of Pakistan's GDP
The Reserve Bank of India's balance sheet grew by 11.08% to Rs 70.48 lakh crore as of March 31, 2024. The RBI's income rose by 17.04%, while expenditure decreased by 56.30%. Consequently, the RBI's surplus increased by 141.23% to Rs 2.11 lakh crore, transferred to the Centre.
What fuels Kashmir valley's drive to reach polling booths to get inked
From anger against the decisions of August 5, 2019, and the policies of the ruling BJP in Kashmir, absence of a formal boycott call from separatist organisations, disappointment with Pakistan, participation of banned Jamaat-e-Islami members in these elections to unemployment, inflation, bureaucratic Raj and inequitable distribution of resources, voters across the region gave varied reasons to stand in the queue and cast their vote.
A year after May 9 protests in Pakistan: A turning point in civil-military relations?
Even though the military remains the final arbiter in Pakistan to determine the course of politics, the May 9 protests have made it more difficult and challenging than ever for it to manage the guided democracy. The anguish and sentiment of people against the instrumental role of the military have raised questions about its legitimacy.
Pakistan to privatise all SOEs, except strategic enterprises: PM Sharif
Asserting that the government's job is not to do business but to ensure a business and investment-friendly environment, Sharif directed all ministries to take action and cooperate with the Privatisation Commission.
IMF doubts cash-strapped Pak's repayment capacity
IMF expresses doubts on Pakistan's debt repayment capacity, citing risks from policy delays, high debt, and low reserves. Washington-based team in Islamabad for bailout talks. Geo News reports lender's concerns.
Pakistan 'ashamed': PM Shehbaz Sharif 's surprising admission on Bangladesh's economic rise
Shehbaz Sharif strategized with Karachi's business community, referencing Bangladesh's industrial progress. Discussions covered political stability, economic growth, and potential IMF funding for a staff-level agreement, a larger loan, and addressing the balance of payment crisis.
Cash-strapped Pakistan makes formal request to IMF for another bailout
Pakistan has formally requested a new bailout package from the International Monetary Fund (IMF), ranging between USD 6 to USD 8 billion. The country seeks augmentation through climate financing and aims to finalize details with an IMF review mission next month. The exact size and timeframe of the package will be determined in May 2024 after consensus on major program contours.
Big gets bigger: 5 things to know to understand India’s economy under Narendra Modi
BJP stalwart Narendra Modi's potential third term as India's Prime Minister is backed by significant financial support and a narrative of economic growth. India's trajectory toward becoming the world's third-largest economy is fueled by increased investor enthusiasm, infrastructure development, digital innovation, and geopolitical shifts. However, persistent issues like inequality remain unresolved.
No change in trade policy with India: Pakistan
The clarification from Pakistan's Foreign Office comes days after the new Foreign Minister Ishaq Dar said in London that Pakistan will seriously consider restoring trade ties with India that have remained suspended since August 2019.
Cash-strapped Pakistan seeking 24th bailout, IMF confirms
Pakistan seeks its 24th medium-term IMF bailout, aiming for permanent structural reforms. The agreement unlocks $1.1 billion, focusing on fiscal consolidation, energy sector reforms, inflation control, and private sector growth. Despite improvements, challenges remain in economic vulnerabilities and policy implementation. IMF lauds Pakistan's efforts but stresses ongoing reforms for stability.
China rolls over $2 bln loan to Pakistan, finance minister says
The $2 billion loan was due in March and has been extended for one year, Geo News which first reported the news said, citing sources in the Pakistan finance ministry. Beijing had communicated the decision to Islamabad, it added.
At $365 billion, Tata Group grows bigger in size than entire Pakistan economy
While India's GDP is 11 times bigger than that of Pakistan's economy, Tata Group's market value has outmuscled Pakistan's GDP. The market capitsalition of all listed Tata companies is now at $365 billion, beating Pakistan's GDP which has shrunk to $341 billion. The growth in Tata companies' market cap in last one year has been driven by Tata Motors, Trent, Titan, TCS, and Tata Power. This doesn't take into account unlisted companies worth a few billion dollars from India's largest business house.
Pakistan debt unsustainable, headed towards inevitable default, says report
Pakistan's debt crisis is more severe than anticipated, with the possibility of an inevitable default and a devastating economic spiral. The stock market is already affected, and an immediate IMF bailout is urged. Innovative solutions like debt-for-nature swaps are proposed to address the debt crisis and environmental needs.
How bad is Pakistan's debt crisis and can the IMF save it?
Negotiations for a new government in Pakistan have calmed fears of instability following inconclusive elections, but the risk of an economic crisis remains. The current $3 billion IMF program expires next month, and securing a new, larger one is seen as a priority. Pakistan's debt-to-GDP ratio is already over 70%, with interest payments on debt estimated to consume 50-60% of government revenues this year.
Imran Khan rules out coalition with PML-N, PPP
A coalition government appears inevitable as no single party has got the majority in the National Assembly and Pakistan stares at a hung Parliament. Negotiations between Sharif's Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP) have been going on for two days. Independents became an easy target.
Is Pakistan headed towards post-poll anarchy and chaos?
The Pakistan election took place amidst a deeply divided nation. Imran Khan's party initially appeared to be winning, but has now claimed large-scale rigging and manipulation of results, refusing to accept the outcome. This could lead to anarchy and chaos, especially with Pakistan already facing economic struggles and security threats. The election, meant to establish order after months of turmoil, may instead deepen the crisis and further divide the nation.
Pakistan's current economic model is not working: World Bank
Pakistan's current economic model is not working since it has fallen behind its peers, significant progress in poverty reduction has now started to reverse, and the benefits of growth have accrued to a narrow elite, Benhassine said.
Happy Next Year: US soft landing, good news for global investors, will boost Indian markets
The entire world economy has defied pessimists, and 2023 is turning out to be a much better year than expected. The good news will spill over into 2024. Hence, one can expect markets to rise across the world. Emerging markets will see a return from a lot of the hot money withdrawn earlier on fears of a global slowdown.
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