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Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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In March, Pakistan experienced a staggering increase in monthly inflation that exceeded expectations, reaching a near-record high of 35.4% compared to the previous year. This has resulted in individuals experiencing greater financial strain as they struggle to cope with rapidly increasing consumer prices, while their average incomes fail to keep up with the cost of …
Continue reading “Pakistan’s Inflation Rate Continues to Soar Above 20%”
ISLAMABAD: The government of Pakistan has increased the price of petrol just days before Ramadan, raising it to Rs272 per litre. This price hike is likely to add pressure on the already inflation-weary people of the country. The new prices will be in effect from 12am on March 16 and will remain in place until …
Islamabad: The World Bank has urged Pakistan to end the annual subsidies of Rs340 billion that benefit the wealthy, as Finance Minister Ishaq Dar was unable to provide a clear timeline for the staff level agreement with the International Monetary Fund. However, the Ministry of Finance believes that Pakistan will remain in the Fund’s program …
Continue reading “World Bank Economist Suggests Ways to Fix Pakistan’s Economy”
IMF’s new demands weigh on Pakistani rupee. The Pakistani rupee faced a significant drop during Wednesday’s trade as the market reacted nervously to news that the International Monetary Fund (IMF) had made “new demands” of the federal government. The currency fell 4.61 or 1.73% against the US dollar to close at 266.11 in the interbank …
Continue reading “IMF deal uncertainty causes rupee to decline”
Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has jumped to 41.54% on a year-on-year basis for the week ended on Feb 23. This is the first time inflation has crossed the 40% mark in over five months. The previous week saw an increase of 2.89% to reach 38.42%. The increase was mainly …
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The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
Continue reading “Rupee’s Winning Streak of Five Days Comes To An End”
Pakistan received a significant boost to its foreign exchange reserves after the China Development Bank approved a $700 million loan facility. Finance Minister Ishaq Dar announced the news on Twitter, stating that the loan is expected to be received by the State Bank of Pakistan this week. The loan will help bolster Pakistan’s forex reserves, …
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State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
Continue reading “Pakistan in Talks with IMF to Boost Reserves and Tighten Monetary Policy”
Government of Pakistan Introduces New Tax Measures to Appease IMF. In an effort to revive its bailout program, the Shehbaz Sharif government has introduced new taxation measures worth Rs115 billion, according to a notification issued by the Federal Board of Revenue (FBR). The government quickly got the money bill approved by the federal cabinet after …
Continue reading “IMF demands hike in GST, cigarette duty hiked by 1%”
On Tuesday, President Dr Arif Alvi rejected a request by the federal government to approve an ordinance that would impose new taxes to generate additional revenue in line with the conditions of the International Monetary Fund (IMF) and revive a stalled $6.5 billion bailout package. According to an official statement released by the President House, …
Continue reading “President Alvi rejects approval of ‘mini-budget ordinance’ for IMF deal”
The Federal Cabinet has approved a new policy that aims to increase power tariffs and eliminate subsidies. This decision comes ahead of the virtual talks with the International Monetary Fund (IMF) regarding the Memorandum of Economic and Financial Policies (MEFP). The cabinet has also approved a revised circular debt management plan that will be circulated. …
Continue reading “IMF virtual talks prelude: subsidies end, power tariffs hike approves by Cabinet”
Pakistan’s Finance Minister, Ishaq Dar, announced that the country’s recent talks with the International Monetary Fund (IMF) have ended “positively” and that the government will need to impose Rs170 billion in taxes through a mini-budget to revive the loan program. Dar stated that the agreement is the same one signed by former Prime Minister Imran …
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An extremely critical level of $5.82 billion was reached by the State Bank of Pakistan’s (SBP) foreign exchange reserves on Thursday, according to statistics. This represents a further $294 million decline. SBP-held reserves are at their lowest level since April 2014. The nation’s total holdings of liquid foreign exchange were $11.71 billion. There were $5.89 …
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KARACHI: Pakistan rupee, on Wednesday, continued to lose ground against the US dollar in the interbank market, falling by Rs1.3 to conclude the day’s trade around a two-week low of Rs172.93 per US dollar. Over the previous five days, the local currency has shed roughly 1.71 percent. Interbank closing #ExchangeRate for today:https://t.co/Vq2BLWpi7F pic.twitter.com/7wWQYfKSoR — SBP …
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Islamabad: In the coming fiscal year, the government intends to borrow roughly $16 billion in gross foreign loans to cover maturing external public debt and finance the budget deficit. According to Ministry of Finance sources, the expected $15.7 billion borrowings in fiscal year 2021-22 are roughly 10% higher than this year’s revised estimates of foreign …
Continue reading “Pakistan to receive loan from IMF to retire debts in FY22”
ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
KARACHI: On the fuel crisis 2020, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari has demanded the resignation of the entire government, including the Prime Minister. He also declared that the State Bank of Pakistan (SBP) ordinance will be challenged in every forum. Bilawal Bhutto said at a press conference in Karachi that the government …
Continue reading “Petrol Crisis 2020, Bilawal Demands PM to step down”
KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
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ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
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ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
Karachi: The US dollar depreciated against the rupee in both the foreign exchange markets on Friday. As a result, the dollar lost another 20 paise to close at Rs 160.30 in the open currency market. In the interbank market, the dollar fell further by 18 paise to close at Rs 160.10. Read, Gold prices rose in …
