By Staff Reporter
ISLAMABAD: The finance ministry has rejected Moody’s decision to downgrade Pakistan’s sovereign credit rating to Caa1 — very high credit risk status — as ‘unilateral’ and ‘not truly reflective of the country’s macroeconomic conditions”.
Pakistan Development Outlook says implementation of IMF-sponsored reform has been made more challenging by this monsoon’s catastrophic floods. By Muhammad Ali.
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.
By Staff Reporter
ISLAMABAD: The State of Pakistan (SBP) on Tuesday said it has opened an investigation into alleged exchange rate manipulation by a goup of banks.
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) said policy commitments made by Pakistan for the resumption of bailout package continue to apply.
By Staff Reporter
KARACHI: Pakistan’s largest bank, Habib Bank Limited (HBL), faces secondary liabilities in a terror financing case in the US in which the plaintiffs had alleged that it aided and abetted Al Qaeda terrorism and joined a conspiracy to launch attacks that killed or injured 370 people.
By Staff Reporter
ISLAMABAD: The Asian Development Bank (ADB) has planned to lend up to $700 million in loans to Pakistan before year-end to help support flood-ravaged economy, a top official said on Thursday, taking the total funding to $2.2 billion post deluge.
By Staff Reporter
ISLAMABAD: Senator Ishaq Dar has taken oath as the country’s new finance minister a day after he was sworn in as a member of the upper house of the parliament.
By Staff Reporter
KARACHI: Prime Minister Shehbaz Sharif said on Friday “all hell will break loose” if the flood devastated Pakistan is not provided with debt relief by rich countries.
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.
