Business

Pakistan to maintain positive credit rating, Dr Shamshad Akhtar assures Moody’s

Published

1 year ago

Farwa

Dr Akhtar spoke about transparency for fostering investor confidence.
She also underlines Pak’s commitment to global financial cooperation.
Minister is attending World Bank, IMF annual meetings in Morocco.

ISLAMABAD: Caretaker Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar has reiterated Pakistan’s commitment to transparency for fostering investor confidence and maintaining a positive credit rating in global financial markets.

The minister’s remarks came during a meeting held with a high-level delegation of Moody’s, the global financial services company, while she is on a visit to Morocco to attend the World Bank and International Monetary Fund’s annual meeting, The News reported on Monday.

The interim financial minister had earlier underscored the cash-strapped nation’s commitment to further economic prosperity and global financial cooperation.

The minister also participated in a high-profile meeting of the Managing Director International Monetary Fund, Kristalina Georgieva, with the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) finance ministers and state bank governors in Morocco, where the discussions encompassed key global economic issues and collaborative efforts to strengthen financial stability.

Meanwhile, Dr Akhtar met with the Minister of State for Financial Affairs of the United Arab Emirates (UAE) Mohamed bin Hadi Al Hussaini and discussed matters relating to the mutual interests.

The meeting was held on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Morocco.

The discussion focused on further strengthening economic ties between Pakistan and the UAE, exploring avenues for enhanced cooperation in finance and revenue matters, and promoting investment and mutual economic growth.

Both sides expressed optimism about the potential for further collaboration and pledged to continue working together to advance their countries’ economic interests.

Meanwhile, Dr Shamshad Akhtar held a meeting with the S&P Global official, the independent credit ratings agency.

During the meeting, she emphasised the government’s dedication to ensuring financial stability, improving fiscal governance and implementing reforms that will contribute to sustainable economic growth.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.