Tag: external financing
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Moody’s upgrades Pakistan’s credit rating to Caa2, citing improved economic stability
Moody’s Investors Service has upgraded Pakistan’s long-term issuer rating from “Caa3” to “Caa2” with a stable outlook, reflecting a moderate improvement in the country’s macroeconomic conditions and external financial position.
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Pakistan eyes up to $4 billion from Middle Eastern banks by 2026, says SBP governor
Pakistan plans to raise up to $4 billion from Middle Eastern commercial banks by the fiscal year 2026, according to the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad.
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Pakistan working to secure foreign investment and extend existing loans: Finance Minister
Pakistan is working to secure foreign investment and extend existing loans to meet its external financing needs, as it prepares to implement a new $7 billion deal with the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb shared these plans with Reuters on Friday.
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IMF deal to improve Pakistan’s financial outlook, but continuous reforms are essential: Moody’s
Moody’s Investors Service has stated that Pakistan’s recent staff-level agreement with the International Monetary Fund (IMF) enhances the nation’s funding prospects.
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Pakistan secures over $228 million in loans from multiple foreign sources
In April 2024, Pakistan secured $237.24 million in external financing from various sources, according to the Economic Affairs Division (EAD). This sum included $228.64 million in loans and $8.60 million in grants.
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State Bank of Pakistan’s forex reserves decline to $7.02 billion amidst debt repayments
During the week ending December 1, 2023, the State Bank of Pakistan (SBP) witnessed a decline of $237 million in its foreign exchange reserves, bringing the total to $7,020.2 million. This reduction is attributed to debt repayments.
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Govt plans to increase gas and electricity prices in January
The interim Finance Minister, Dr Shamshad Akhtar, announced during a press conference that the caretaker government is planning to increase electricity and gas tariffs in January to address the circular debt issue, in line with the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA).
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Pakistan successfully secures final IMF approval for $3 billion bailout
The International Monetary Fund (IMF) has officially granted approval to Pakistan for a 9-month Stand-By Arrangement (SBA) amounting to approximately $3 billion. This decision comes shortly after reaching a staff-level agreement with the country.
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Finance Ministry responds to IMF’s concerns on budget, pledges commitment to programme
The International Monetary Fund (IMF) has publicly raised reservations regarding Pakistan’s budget, prompting a response from the Finance Ministry. The ministry clarified that the budget is not part of the pending ninth review, which has been delayed since November of last year. However, it emphasised its commitment to finding an amicable solution through ongoing engagement…
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Pakistan shares plan with IMF to bridge $3 billion financing gap
The coalition government of Pakistan has revealed its plan to the International Monetary Fund (IMF) for obtaining an additional $3 billion to fill the financing gap as it tries to persuade the lender to release the next loan tranche.