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

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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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COAS Visits Bannu and Promises Terrorism Justice

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Syed Asim Munir, the Chief of Army Staff, traveled to Bannu after the March 4 terrorist attack on Bannu cantonment was thwarted.
COAS examined the general security situation in the region as well as ongoing security operations during the visit.
At CMH Bannu, he also spoke with wounded soldiers and praised their tenacity and commitment. Speaking to the troops, he reaffirmed the Pakistan Army’s commitment to combating terrorism and commended their prompt action in neutralizing the assailants.
In addition to expressing sympathy to the families of the civilians slain in the strike, General Munir promised that those responsible for the planning and execution would shortly face consequences.
He emphasized that such activities reveal Khwarij’s true nature as enemies of Islam and denounced the savage targeting of innocent people.
The COAS underlined that Pakistan will not permit its stability to be jeopardized and that terrorist organizations, such as Fitna al-Khawarij, continue to use foreign weapons while operating from Afghan territory.
When he arrived, Corps Commander Peshawar welcomed him.

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Ethiopia-Pakistan Relations: Ethiopian Ambassador Presents Fraternity Award to Khawaja Asif

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Khawaja Muhammad Asif, the minister of defense and aviation, received the “Ethiopia-Pakistan fraternity award” from Ethiopian Ambassador Dr. Jemal Beker.
In appreciation of Khawaja Asif’s noteworthy contributions to enhancing Pakistan-Ethiopia bilateral ties, the award was given out.
The Ethiopian Envoy, who spoke at the event, praised the Minister’s work to strengthen the two countries’ diplomatic and economic relations.
The Ethiopian Ambassador said, “Khawaja Muhammad Asif has played a pivotal role in enhancing Ethiopia-Pakistan relations.”
Additionally, he recognized the minister’s pivotal involvement in Ethiopian Airlines’ establishment in Pakistan, which has strengthened connections between the two nations.
In addition to thanking Ethiopia and its ambassador for the honor, Khawaja Asif reaffirmed Pakistan’s commitment to developing closer ties with Ethiopia.
The Ethiopian Ambassador emphasized that Pakistan and Ethiopia had better bilateral ties than before.

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Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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