By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) on Monday unveiled a transaction structure for the issuance of domestic Sukuk or Islamic bonds, which will be issued against new five identified underlying assets.
Micro
Dar calls for greater policy support from IMF, multilateral donors
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar on Sunday has called for greater policy support from the International Monetary Fund (IMF) and multilateral donors in the backdrop of the climate-induced catastrophe and losses suffered by the country.
Pakistan to defend $900 million fuel subsidy on exports at next IMF review
By Staff Reporter
ISLAMABAD: Pakistan has to defend over $900 million recently announced gas and electricity subsidy package for exporters during the upcoming International Monetary Fund (IMF) programme review meeting scheduled next month, officials said, hoping the country doesn’t see a halt it faced earlier this year due to a similar unbudgeted subsidy given by the previous PTI government.
Dar says Pakistan to seek rescheduling of $27 billion bilateral debt
Monitoring Desk
ISLAMABAD: Pakistan’s new finance minister, Ishaq Dar, told Reuters on Friday that he will seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring.
Remittances fall 6.3pc to $7.7bn in July-September
By Staff Reporter
KARACHI: Pakistan’s remittances, one of the country’s main sources of foreign currency, fell 6.3 percent to $7.7 billion bln in the first quarter year-on-year due to the impact of looming recession on global economy, central bank data showed on Tuesday.
Moody’s downgrades five Pakistani banks’ ratings; maintains negative outlook
By Staff Reporter
ISLAMABAD: Rating agency Moody’s on Tuesday downgraded the long-term deposit ratings of five Pakistani banks to Caa1 from B3.
SBP holds interest rate at 15pc to support flood-hit economy
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) on Monday kept its benchmark interest rate on hold at 15 percent, opting to leave borrowing costs unchanged despite soaring inflation as it warned of a further economic slowdown dure to catastrophic floods.
Pakistan will not seek Paris Club debt restructuring: Dar
By Staff Reporter
Finance Minister Ishaq Dar on Sunday said Pakistan will not seek debt restructuring from Paris Club creditor nations as he stepped up attempts to calm frayed investor nerves after a credit rating downgrade.
ADB to provide $2.3 to $2.5 billion for flood ravaged Pakistan
By Staff Reporter
ISLAMABAD: The Asian Development Bank on Wednesday said it will provide $2.3 to $2.5 billion for relief operations in the wake of devastating floods in Pakistan that have affected more than 33 million people.
Flood-hit Pakistan should suspend debt repayments, says UN paper: FT
Monitoring Desk
NEW YORK: Pakistan should seek to suspend international debt repayments and restructure loans after devastating floods triggered a humanitarian emergency and imperiled the country’s finances, the Financial Times reported on Friday, citing a UN memorandum.