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Pakistan banks are stable for next 18 months, says Moody’s

THERE is good news for the banking sector in Pakistan. Global rating agency Moody’s Investors Services has given a “stable outlook” for Pakistan’s banking system over the next 12-18 months. The agency said in terms of the operating environment, economic activity in Pakistan would also be supported by the ongoing infrastructure projects, improvements in power […]

Pakistan’s deficit under scanner as IMF review begins

PAKISTAN will come under pressure to convince the International Monetary Fund (IMF) it can bring down a ballooning fiscal deficit, as a review on the future course of its $6 billion financial aid program gets under way. An IMF team sent to review benchmarks set as part of the deal began formal meetings in Islamabad […]

Pakistan defends Chinese investment  

PAKISTAN on Thursday (23) rejected criticism of the $60 billion China-Pakistan Economic Corridor (CPEC), after a visiting US official was quoted expressing apprehension over the plan. While Pakistan has continuously defended Chinese investment, it has also attempted to mend relations with the US. Prime minister Imran Khan and US president Donald Trump have held at […]

Pakistan’s trade with India plunges significantly

PAKISTAN’S central bank has said that trade between Islamabad and New Delhi plummeted significantly this fiscal, apparently due to the ongoing tensions with India over the Kashmir issue. The State Bank of Pakistan data in the first half of 2019-20 fiscal starting from July 1 showed that Pakistan’s exports to India during the period came in at […]

Pakistan gets $1.3bn loan from ADB

CASH-STRAPPED Pakistan received a $1.3-billion loan from the Asian Development Bank (ADB) on Friday (6) to support the country’s public finances and shore up the slowing economy. Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years. Since assuming power in August 2018, prime minister […]

Pakistan central bank keeps rates on hold  

PAKISTAN’S central bank kept its main interest rate at 13.25 per cent on Friday (22), having recently stopped hiking rates as data on the economy has begun to show that inflation is steadying. The bank said it expected inflation to ease in the second half of the fiscal year to the end of next June […]

IMF to release first tranche of $6bn Pakistan loan package

PAKISTAN’S fiscal deficits are narrowing, the IMF said on Friday (8) as it announced it would release the first tranche of its $6 billion financial assistance programme to the country. The International Monetary Fund (IMF) agreed the three-year rescue package for Pakistan in April – its 13th bailout programme for the South Asian nation since […]

Exxon Mobil, Shell among others to build five LNG terminals in Pakistan

PAKISTAN has selected groups that include Exxon Mobil Corp and Royal Dutch Shell to build five liquefied natural gas (LNG) terminals as it aims to triple imports and ease gas shortages. The terminals could be in operation within two to three years, Omar Ayub Khan, Pakistan’s minister of power and petroleum, said in an interview […]

Pakistan central bank raises key interest rate

PAKISTAN’S central bank raised its main policy rate by 100 basis points on Tuesday (16) to 13.25 per cent, citing increased inflationary pressures and a likely near-term rise in prices from higher utility costs. The increase follows this month’s accord with the International Monetary Fund on a $6 billion loan package that comes with tough […]

World Bank approves $722m loan for Pakistan

THE World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi, according to a media report. Out of the approved amount, $652m will be used for the development of Karachi, while the rest $70m will be used for improving tourism services in […]