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Pakistan’s rating is upgraded by Fitch to “CCC+.”

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4 months ago

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In the framework of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF), the upgrade “reflects greater certainty over the continued availability of external funding,” the Fitch Company said in a statement on Monday.

Nonetheless, it issued a warning, saying that Pakistan would be exposed if it did not carry out difficult reforms that would jeopardise program funding and performance.

According to the current budget for the fiscal year ending in June 2025 (FY25), “We believe this will be achievable, given the strong past record of support and significant policy measures.”

Fitch reported that Pakistan has effectively concluded its nine-month Stand-by Arrangement with the global lender in April, according to the last IMF program.

The government “cut spending, increased taxes, and raised the price of petrol, electricity, and gas over the past year,” according to the statement.

The PML-N led coalition government in Pakistan is expected to hold onto power for the next 18 months, with no urgent preparations for new elections, according to a recent assessment by the global rating agency.

The current administration will keep putting the International Monetary Fund (IMF) reforms into practice, which will help the economy expand.

Even though former prime minister Imran Khan has received relief in a number of cases, the rating agency believes that his release from prison is improbable in the near future.

The current account deficit for Pakistan is expected to stay at 1% in FY2024–2025 on the economic front.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Speaking to a press conference, Marriyum Aurangzeb says the PML-N government has restored the trust of investors.

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According to Marriyum Aurangzeb, senior Punjab minister, the PML-N government has won back the trust of investors by making strides in a number of areas, including agriculture.

Marriyum Aurangzeb, speaking at a press conference in Lahore, emphasized the Punjab government’s initiatives to bring about major changes in the province, particularly in Lahore.

Marriyum Aurangzeb stated that in order to guarantee sustainable growth, the master plan for Lahore has been completed, and plans of a similar nature are being worked on for other districts.

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