Connect with us

Latest News

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

Published

on

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.

Latest News

Iranian President Offers Condolences for Kurram Terrorist Attack

Published

on

By

Masoud Pezeshkian, the president of Iran, has expressed his sorrow for the recent terrorist assault in Pakistan that claimed dozens of lives and denounced the crime.

The Iranian president said that all types of terrorism must be denounced in a statement. In addition to the relatives of the attack victims, he sent his sympathies to the people and government of Pakistan.

“I will stand by its friendly and brotherly country, Pakistan, and will seriously pursue the fight against terrorism to enhance security and stability in the region,” he added.

Continue Reading

Latest News

It’s unfortunate that political points were scored. Claims Against Saudi Arabia Show a Desperate Attitude: Dar

Published

on

By

According to Senator Mohammad Ishaq Dar, the deputy prime minister and foreign minister, accusing Saudi Arabia of gaining political points is a sign of a desperate attitude.

In response to the PTI founder’s spouse’s remarks on Saudi Arabia, the Deputy Prime Minister stated, “Pakistan and Saudi Arabia are close friends and brothers.”

According to Dar, Saudi Arabia’s path of growth and prosperity is something they greatly admire. The nation of Pakistan takes pride in its strong ties with Saudi Arabia, which has supported it no matter what.

He said it is unfortunate and shows a desperate attitude to “implice Saudi Arabia for petty political point scoring.”

In order to prevent any political forces from jeopardizing Pakistan’s foreign policy, the deputy prime minister of their political objectives.”

Continue Reading

Latest News

Examining Drug Mafia: Balochistani Smuggling Operation Started

Published

on

By

Two drug dealers were detained and an international narcotics deal was thwarted in Balochistan by government institutions.

A significant amount of crystal ice was taken from the individuals who were arrested.

The 70 kg of illegal goods that were found are valued about $1 million on the global market.

The arrested person’s cell phone also yielded contact information for the international drug gangs from Afghanistan and Britain.

The Pakistan Security Forces are dedicated to making the nation drug-free.

Continue Reading

Trending