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

Key suspect in Ameer Balaj Tipu murder case detained in Oman

Published

on

By

An important suspect in the murder case of Amir Balaj has been taken into custody in Oman. Authorities in Oman captured the wanted man, Bilawal, and took him to Lahore.

The FIA official stated that the suspect had gone overseas last year in order to avoid arrest and that a case had been filed against him in Lahore.

Bilawal was the third gunman in the Amir Balaj murder case, according to police confirmation.

Context

The horrific incidents that resulted in Ameer Balaj Tipu’s premature death took place during a wedding ceremony in a residential community close to the Thokar Niaz Beg district of Lahore.

Based on initial inquiries, the armed and determined attacker blatantly attacked Balaj Tipu, who had recently joined the Pakistan Muslim League-Nawaz (PML-N), killing him instantly.

Two more people suffered severe injuries in the ensuing crossfire, adding to the shock and tragedy of the event.

Continue Reading

Latest News

Vawda’s allegations of death threats about the purchase of a vehicle are denied by the FBR association.

Published

on

By

Regarding Senator Faisal Vawda’s claims that Federal Board of Revenue (FBR) personnel had threatened his life, the Inland Revenue Service personnel Association has replied.

The group denies the allegations, claiming that none of its officers threatened anyone, and denounced the attempt to discredit them.

The statement emphasized that government car purchases were governed by regulations and urged Vawda to back up his claims with proof. It also raised fears that irrational remarks were hurting officers’ morale and would interfere with the tax collecting process.
The committee made the decision to forward the threatening officers’ case to the Federal Investigation Agency (FIA) for additional examination. Along with calling for a high-level investigation, the FBR Chairman pledged to prosecute individuals culpable for the threats.

The members of the Finance Committee urged that the case be sent to a criminal body such as the FIA. The committee has previously voiced its disapproval of the FBR’s acquisition of more than 1,000 automobiles at a cost of billions of rupees.

Continue Reading

Latest News

Over 114,000 points, the PSX-100 index soars.

Published

on

By

The benchmark KSE-100 Index jumped above the 114,000-point level during trade, indicating a strong bullish trend on the Pakistan Stock Exchange (PSX).

In one update, the index increased by more than 1,590 points to 114,796 points, and in another, it increased by 1,426 points to 114,632 points. In the third trading session, the index increased by 1,030-points to 114,230 points.

Stockbrokers boosted investor confidence by attributing this spike to listed businesses’ solid financial reports. The increasing momentum was further fueled by increased buying activity in industries like banking, energy, cement, and pharmaceuticals.

The market’s performance continues to inspire optimism among analysts, who point to strong corporate earnings and economic indicators as the main drivers of the bullish trend.

Continue Reading

Trending