Tag: IMF agreement
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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 experiences highest dollar outflow since FY18 amid economic adjustments
Pakistan, grappling with a shortage of US dollars, has seen a significant outflow of foreign exchange as international investors repatriated dividends and profits at unprecedented levels. In fiscal year 2024 (FY24), foreign investors withdrew $2.2 billion, the highest outflow since the $2.3 billion withdrawn six years ago. This surge, representing a dramatic 569.2 per cent…
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SBP expected to lower interest rates on Monday as inflation stabilises
The State Bank of Pakistan (SBP) is anticipated to reduce its key interest rate once more during its upcoming policy meeting on Monday. This will be the first meeting following the recent staff-level agreement with the International Monetary Fund (IMF) and the announcement of a new state budget, according to analysts. Earlier this month, Pakistan…
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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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PM Shehbaz urges FBR to modernise tax system without burdening honest taxpayers
Prime Minister Muhammad Shehbaz Sharif has directed the Federal Board of Revenue (FBR) to implement a strategy using the latest technology to expand the tax base without imposing additional burdens on honest taxpayers.
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IMF says focus on economic reforms rather than size of loan
The Director of International Monetary Fund (IMF) Middle East and Central Asia has said that Pakistan must focus more on the implementation of structural reforms instead of a loan. “I think what is important at this stage is to accelerate the reforms, double down on the structure of reforms in order to provide Pakistan with…
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IMF wants Pakistan to increase petrol prices
The International Monetary Fund (IMF) conveyed to the Pakistani authorities that while the Petroleum Development Levy (PDL) has considerably increased in recent years, the taxation of petroleum products has declined since 2019. “The relatively low rate of taxation of petrol is also reflected in the sale price relative to other countries.” The IMF emphasized that…
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PKR sustains positive momentum, gains 0.04% against US dollar in ninth consecutive session
In the inter-bank market, the Pakistani rupee continued its positive trend against the US dollar for the ninth consecutive session on Monday, appreciating by 0.04 per cent to settle at Rs280.24, reflecting a gain of Re0.12, according to the State Bank of Pakistan (SBP). During the preceding week, the Pakistani rupee sustained its upward movement,…
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Winning streak: Pakistani rupee appreciates 0.04% in fourth consecutive session
In a resilient display, the Pakistani rupee continued its upward trajectory against the US dollar, marking gains for the fourth consecutive session in the interbank market on Monday.
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Pakistan navigates economic turbulence in 2023: A year of challenges and resilience
2023 posed significant challenges for Pakistan’s economy, characterised by a sharp slowdown, escalating inflation, and a near-default situation.