ISLAMABAD: Pakistan’s foreign assistance inflows surged more than 25% in the first half of the fiscal year, driven largely by stepped-up program support from the International Monetary Fund, providing a crucial buffer for the cash-strapped South Asian economy amid ongoing balance-of-payments pressures.
Economy
Fitch affirms Pakistan at B-, adds RR4 recovery rating to sovereign debt amid new criteria
KARACHI: Fitch Ratings affirmed Pakistan’s long-term foreign-currency issuer default rating at B- and assigned a recovery rating of RR4 to the nation’s senior unsecured debt, after lifting the ratings from under criteria observation.
IMF’s Georgieva praises Pakistan’s progress, calls for continued reforms
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif sat down with International Monetary Fund Managing Director Kristalina Georgieva during the World Economic Forum in Davos, putting a spotlight on Islamabad’s work to promote its economic recovery.
PM Sharif arrives in Davos seeking investor interest, IMF flexibility on reforms
ISLAMABAD: Prime Minister Shehbaz Sharif touched down in Davos on Tuesday to lead his country’s delegation at the World Economic Forum, aiming to pitch investment opportunities in energy, agriculture and tech as the South Asian nation pushes forward with reforms under a $7 billion IMF bailout.
Import spike pushes Pakistan into $244mln current account deficit in December
KARACHI: Pakistan’s current account swung to a deficit in December as a surge in imports overwhelmed rising exports and remittances, pointing to the fragility of the country’s external position even as foreign reserves continue to climb.
Pakistan plans $2 billion debt tokenization to tap retail investors
ISLAMABAD: Pakistan’s finance ministry is considering tokenizing as much as $2 billion of its domestic government debt in an initial push, according to a senior official, as the cash-strapped nation looks to harness blockchain technology to widen access to its bond market and cut costs.
Sharif to seek IMF backing for massive tax relief at Davos meeting – report
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif plans to meet with International Monetary Fund Managing Director Kristalina Georgieva next week at the World Economic Forum in Davos, pressing for support on a sweeping relief package aimed at easing crushing taxes and energy costs that have hammered industries and households, Express Tribune newspaper reported on Sunday.
Industry sees sharp November rebound, led by cars and refining
ISLAMABAD: Pakistan’s large-scale manufacturing sector posted its strongest monthly growth in years during November, expanding 10.37% from a year earlier amid a rebound in automobiles, petroleum products and other key industries, even as exports continued to slide and some segments lagged.
Govt holds pump prices, taps oil windfall to boost revenue
ISLAMABAD: The government opted to hold fuel prices steady for the next two weeks, even as it hiked a key levy on gasoline and diesel, effectively pocketing gains from falling global oil prices rather than passing relief to consumers.
Pakistan signs deal with Trump-linked crypto firm to explore stablecoin payments
ISLAMABAD: Pakistan has struck a deal with a company tied to the Trump family’s main cryptocurrency venture to study the use of a dollar-pegged stablecoin for cross-border payments, marking one of the first public tie-ups between the platform and a sovereign government.