By Staff Reporter
KARACHI: Global ratings agency Fitch cut Pakistan’s sovereign credit rating on Friday by a notch to ‘CCC+’ from ‘B-‘, citing further deterioration in the country’s external liquidity and funding conditions and a drop in foreign exchange reserves.
By Staff Reporter
ISLAMABAD: Pakistan is set to see its name off the grey list of the Financial Action Task Force (FATF) after it was found to be compliant in the action plan set out by the global financial watchdog.
By Staff Reporter
ISLAMABAD: The Asian Development Bank (ADB) has approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment amid devastating floods and global supply chain disruptions.
Monitoring Desk
ISLAMABAD: Pakistan will ask international lenders for billions of dollars worth of new loans to rebuild the country after calamitous floods uprooted 33 million people and pushed its cash-strapped economy even closer to insolvency, Financial Times reported.
By Staff Reporter
KARACHI: The current account deficit narrowed sharply in the first quarter of the current fiscal year amid a decline in imports, which is being driven by slowing domestic demand as the central bank aggressively tightens monetary policy in recent months to tame runaway inflation.
By Staff Reporter
ISLAMABAD: Finance minister Ishaq Dar said the country is ready to buy fuel from Russia if the same rate that India is paying is applicable to Pakistan as well.
By Staff Reporter
ISLAMABAD: The government on Wednesday said the damage from this summer’s catastrophic flooding is now estimated at $40 billion, as much as 25 percent higher than projections a month ago.
Monitoring Desk
KARACHI: Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country’s devastating floods and recent warnings by officials that some debt payments may need to be suspended.
By Staff Reporter
ISLAMABAD: The government on Monday cut local RLNG (Re-gasified liquefied natural gas) prices by up to 13.1 percent for October.
By Staff Reporter
QUETTA: Toronto-based Barrick Gold Corporation on Monday said the process of completing the final agreements and legal steps that would enable the development of the Reko Diq project is making steady progress.
