Pakistans
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Fitch downgrades Pakistan’s credit rating to CCC- | The Express Tribune
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[ad_1] KARACHI: Global ratings agency Fitch cut Pakistan’s sovereign credit rating on Tuesday by two notches from CCC+ to CCC-, citing policy and large refinancing risks, critically low reserves and difficult conditions set by the International Monetary Fund (IMF). This is the second downgrade since October, when Fitch cut Pakistan’s sovereign rating from B- to…
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Moody’s paints bleak picture of Pakistan’s external position
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[ad_1] A sign for Moody’s rating agency stands in front of the company headquarters in New York, September 18, 2012. – AFP/ File The International Monetary Fund (IMF) is likely to demand Pakistan to take revenue-raising measures among prior actions before it releases the next tranche of assistance to the crisis-hit country, Moody’s Investors Service…
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Pakistan’s forex reserves drop to $3.09b | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s foreign exchange reserves held by the central bank decreased by 16.1% to $3.09 billion in the week ending Jan 27, the State Bank of Pakistan (SBP) said on Thursday, which analysts said covers less than three weeks of imports. The country is locked in negotiations with the International Monetary Fund (IMF) to…
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Pakistan’s forex reserves increase $258m to $4.6bn
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[ad_1] A man counts dollar bills. — AFP The foreign exchange reserves held by the State Bank of Pakistan (SBP) reversed the descending trend and moved up by $258 million to $4.601 billion, the central bank said Thursday, without underlining the source of the currency influx. According to an SBP statement, total liquid foreign currency…
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Pakistan’s economy grinding to a halt as dollars dry up
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[ad_1] This picture taken on January 11, 2023, shows a general view of the Karachi sea port. — AFP Thousands of containers packed with essential food items, raw materials and medical equipment have been held up at Pakistan’s Karachi port as the country grapples with a desperate foreign exchange crisis. A shortage of crucial dollars…
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Boom to bust: Pakistan’s startup story | The Express Tribune
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[ad_1] PUBLISHED January 15, 2023 KARACHI: Starting a business is much more complicated than people think it is. Many young, fresh graduates or mid-career level professionals who opt for creating their small-scale companies and are called entrepreneurs. They see a demand or a problem to be solved in the market and develop their business model…
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Pakistan’s textile exports may fall ‘below $1b a month’ from 2023 | The Express Tribune
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[ad_1] The All Pakistan Textile Mills Association (APTMA) in a letter to Prime Minister Shehbaz Sharif on Friday warned that the country’s textile exports could fall below $1 billion a month from January 2023 onwards. The letter highlighted a range of issues facing the textile sector which is currently operating at less than 50 per…
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S&P downgrades Pakistan’s credit rating | The Express Tribune
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[ad_1] KARACHI: S&P Global Ratings has downgraded Pakistan’s credit rating in the wake of its quickly depleting foreign exchange reserves – which are close to hitting a nine-year low at $6.11 billion on Thursday. “S&P also raised the outlook for Pakistan to stable from negative,” reported Bloomberg, citing a statement from S&P. “The nation’s credit…
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Pakistan’s borrowing options shrink | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s borrowing options have remained limited after the international credit rating agencies downgraded its outlook to negative and debt rating to junk status, experts discussed in talk show The Review on Saturday. Anchorperson Shahbaz Rana said that the situation had increased the country’s borrowing cost in addition to virtually closing the doors to…
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Pakistan’s default risk worsens | The Express Tribune
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[ad_1] KARACHI: The perception of Pakistan’s risk of default has worsened with the five-year credit default swap (CDS) surging by 30 percentage points in a week to 93% on Monday ahead of the repayment of $1 billion for a maturing international bond early next month. According to a research house, the CDS had been at…
