This upgrade follows Fitch Ratings’ decision in July to raise the country’s credit rating from “CCC” to “CCC+”. Moody’s said that this upgrade reflects Pakistan’s improved macroeconomic conditions and moderately better government external positions from very weak levels. “We have also upgraded the rating for the senior unsecured MTN program to (P)Caa2 from (P)Caa3. Concurrently, […]
This upgrade follows Fitch Ratings’ decision in July to raise the country’s credit rating from “CCC” to “CCC+”. Moody’s said that this upgrade reflects Pakistan’s improved macroeconomic conditions and moderately better government external positions from very weak levels. “We have also upgraded the rating for the senior unsecured MTN program to (P)Caa2 from (P)Caa3. Concurrently, […]
The board’s agenda includes discussions on seven countries, including Vietnam, Uganda, and Denmark. A meeting regarding Pakistan is anticipated once the country fulfills the remaining preconditions. As per sources within the finance ministry, the government is optimistic about meeting the requirement of securing an additional $2 billion in external financing soon. Efforts have intensified to […]
Traders are to observe a strike on August 28 (tomorrow) against the Tajir Dost scheme launched by the Federal Board of Revenue. Fazlur Rehman in his statement said, he fully supports the strike of traders and alleged government is overtaxing people on the demand of the International Monetary Fund (IMF). Inflation and ‘unjustified’ taxes have […]
Pakistan last month reached a staff-level agreement with the IMF for a new $7 billion loan program. However, the South Asian nation reportedly needed financing commitments from bilateral donors to get a final nod from the IMF board for a fresh bailout. “Pakistan has secured commitments from China, Saudi Arabia, and the United Arab Emirates […]
Sources close to the development revealed that Prime Minister Shehbaz Sharif has tasked the economic team to revise the current income tax rate on salaried classes earning up to Rs 100,000 per month. In the recent budget, the government had increased the income tax rate to 2.5 percent on monthly salaries up to Rs 100,000. […]
S&P Global Ratings affirmed its ‘CCC+’ long-term sovereign credit rating and ‘C’ short-term rating on Pakistan. The outlook on the long-term rating is stable. The IMF deal is expected to bring improvement in foreign exchange reserves, which will help Pakistan to meet its debt obligations. However, Pakistan is still dependent on rollovers to maintain its […]
“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement on Monday. “Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging […]
Previously limited to six major cities, the scheme now covers Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, Faisalabad, Ghotki, Gujarat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and […]
Islamabad may also begin talks on re-profiling Pakistan’s energy sector debt during the visit to Beijing, Awais Leghari, head of the energy ministry’s Power Division, told Reuters. Leghari will be part of the delegation to discuss structural reforms to the power sector suggested by the International Monetary Fund (IMF), which last week agreed on a […]
