PAKISTAN FITCH
Pakistani stocks cross 80,000-mark for the first time, end lower
The index closed up by 0.08% after reaching an intraday record high of 80,059 points, marking a 1.6% increase. The market rally was primarily driven by the annual budget, which bolstered the likelihood of a new bailout from the International Monetary Fund, as anticipated by investors.
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.
In cash-strapped Pakistan, first challenge before the new government is to select the finance minister
Pakistan's political impasse may end with a coalition government, but economic worries persist over the finance minister appointment. The PML-N faces a choice between an experienced banker or a new face. The PPP opposes Dar's appointment. The IMF deal is crucial for Pakistan's credit profile.
India, Bangladesh may see broad policy continuity after 2024 polls: Fitch
“We believe it most likely that incumbent administrations will retain power in India (BBB-/Stable) and Bangladesh (BB-/Negative), during their general elections in April-May and January, respectively, pointing to the likelihood of broad policy continuity,” the American rating agency pointed.
Pakistan economy in woods despite IMF package
Pakistan is eyeing Saudi investment of USD 10 billion in a refinery project in Hub, Balochistan which is pending since the last four years. Reports indicate that Aramco, is currently examining Pakistan’s request for construction of the deep conversion refinery with the capacity of 350,000-450,000 barrels per day. However, IMF’s SBA for Pakistan has attracted criticism. While the deal offers short-term respite to the ailing economy, experts warn about continued structural deficiencies that led to the crisis.
Pakistan: Huge increase in power tariff to meet IMF demand
As Pakistan moves forward to meet the IMF terms, the federal cabinet authorised a significant increase in the electricity base rate through circulation summary in a late-night decision, according to sources cited by ARY News on Saturday. Sources privy to the development told ARY News that the federal government has increased the basic power tariff by Rs3 for some customers and by Rs7.5 per unit for some other consumers.
- Go To Page 1
Why Pakistan badly needed the deal with the IMF
Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement (SBA), which will help address the country's acute balance-of-payments crisis. The agreement is crucial for Pakistan, which needs over $22 billion to service external debt and finance its current account.
Pakistan establishment focus on protecting N-prog even as economy in a free-fall
Specifically, the financial institution has demanded that Pakistan provide assurance that its balance of payments deficit is fully financed for the fiscal year ending in June. The IMF has emphasized that this condition should be met before the bailout program can be restarted. Consequently, the loan program will get more delayed, impacting Pakistan’s economy and further increasing its dependence on external lenders like China.
Markets brace for Pakistan default risk as $7 billion debt looms
The nation’s dollar bonds slid to the lowest level since November on Thursday as investors weigh its ability to honor $7 billion of repayments in the coming months, including a Chinese loan of $2 billion due in March, according to Fitch Ratings. The rupee slumped 3.2% to 275 per dollar.
Pakistan economist Pervez Tahir calls for resumption of trade with India
Pakistan political economist Pervez Tahir has called for the resumption of trade with India to reduce people's woes, Dawn reported. He called for cutting down Pakistan's federal cabinet size in conformity with the requirement of the 18th Amendment.
Fitch downgrades cash-strapped Pakistan's Issuer Default Rating to CCC-
Fitch typically does not assign outlooks to sovereigns with a rating of CCC+ and below. Its downgrade comes after S&P Global in December cut its long-term sovereign credit rating for Pakistan by one notch to "CCC+" from "B", citing a continued weakening of its external, fiscal and economic metrics.
Pakistani rupee's weakness 'still has further to run'
Fitch Solutions mentioned that their current forecast for the rupee to reach Rs 248 per dollar by year-end "is therefore now looking out of date", The News reported. Following massive depreciation of 14.36 per cent (or Rs38.74) in the last three days (Thursday-Monday), compared to Wednesday's close at Rs 230.89, the rupee's steep fall hit brakes as it was changing hands with the greenback at Rs 268.20 in the interbank market (as of 11.04 a.m.).
Pakistan requests China to rollover USD 6.3 billion debt
The issue of rollover and refinancing of nearly USD 6.3 billion commercial loans and the central bank debt was discussed in a meeting between Chinese Ambassador to Pakistan Nong Rong and Finance Minister Mohammad Ishaq Dar on Saturday, the paper said.
S&P downgrades outlook on Pakistan's long-term ratings to 'negative'
The New York-based agency on Thursday affirmed its 'B-' long-term and 'B' short-term sovereign credit ratings on Pakistan, as well as 'B-' long-term issue rating on the country's senior unsecured notes and Sukuks, which are Islamic financial certificates equivalent to bonds in Western finance.
S&P cuts Pakistan's credit outlook to negative
Pakistan could be downgraded if support from bilateral and multilateral lenders quickly erodes or if usable foreign-exchange reserves fall further, The News reported citing S&P as saying in a statement. The company also affirmed the nation's rating at B-, on par with Ecuador and Angola.
Pakistan on brink of economic collapse
Pakistan's current economic indices are quite poor. According to the UNDP, Pakistan is facing a debt in excess of USD 250 billion.
Pakistani rupee sinks to all-time low against US dollar
The figures released by the State Bank of Pakistan (SBP) showed the greenback closed at an all-time high of 236.02 rupees in the interbank market, up from 232.93 rupees a day earlier as it shed 1.31 per cent, the Dawn newspaper reported.
As debt soars, China hesitates on bailing out Sri Lanka and Pakistan
While China has pledged to help both countries, the more cautious approach reflects both a refining of Xi’s signature Belt and Road Initiative as well as a hesitancy to be seen interfering in messy domestic political situations. Pakistan got a new prime minister on Monday after parliament booted out former cricket star Imran Khan, and Sri Lanka’s leader is facing pressure from protesters to step down.
Lockdown, Day 78: Bright spots amid gloom
S&P has retained India's sovereign rating at 'BBB-' with a stable outlook while Fitch forecast show the Indian economy will bounce back with a sharp growth rate of 9.5% next year.
Sharpest one-day jump marks the opening of Week 2 of India's coronavirus lockdown
In the sphere of economy, businesses showed tentative signs of limping back to normality even as supply bottlenecks continued to hinder availability of everyday items across the country.
China’s belt and road plan is getting lashed by coronavirus
The outbreak of the virus has disrupted projects as countries bar or quarantine Chinese visitors.
Pakistan may remain on FATF Grey List beyond Feb 2020: Report
The FATF retained Pakistan on the Grey List and warned the country of action for its failure in combating money laundering and terror financing. The decision was taken after a five-day plenary of the FATF held in Paris in October. The Asia Pacific Group of the FATF had found serious deficiencies in Pakistan's anti-money laundering measures.
US, UK, France voice concern at FATF meet over Pak inaction against Saeed, Azhar: Sources
Several countries expressed this view at a meeting of the Financial Action Task Force (FATF), currently underway in Florida in the US, according to people aware of the development.
Pakistan fails to fulfil 25 of 27 FATF points, downgrading by IMF, World Bank to continue
With this, multilateral lenders like the IMF, the World Bank and the EU may continue downgrading Pakistan, making its financial situation more precarious.
No evidence of Pakistan dismantling terror infrastructure, says ex-envoy Haqqani
Haqqani, who has authored several books, is currently the Director for South and Central Asia at the Hudson Institute think-tank.
Look who is bleeding most: Pak stocks down 8% since Feb 14; Sensex steady
The flareup in tension between India and Pakistan weighed heavy on Pakistani financial markets.
ADB sees no slowdown for India, pegs FY19 growth forecast at 7.3%
The slowdown in Q2 was a bit steeper than anticipated, ADB said.
Pakistan on FATF's grey list as it escapes black list
The decision was taken late last night at the global financial watchdog Financial Action Task Force's (FATF) planery session in Paris where Finance Minister Shamshad Akhtar represented Pakistan, according to official sources.
Load More
