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

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

14 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

2 days ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

2 days ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.