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Articles for tag: boosts, critical, deal, financing, IMF, Moody's, outlook, Pakistans, reforms

July 16, 2024

News Desk

IMF deal boosts Pakistan’s financing outlook, but reforms critical: Moody’s

A Moody’s sign on Tower 7 of the World Trade Center is pictured in New York on August 2, 2011. — Reuters Moody’s says it agrees to provide credible sources of funding from the IMF. Implementation of the reforms will be key to the continued liberalization of finance. Political risks may jeopardize the implementation of reforms as planned. Moody’s Ratings said that while the new International Monetary Fund (IMF) deal boosts financing prospects for financially troubled Pakistan, strict enforcement of mandated reforms will be key to mitigating future liquidity risks and preventing a another rescue. The IMF and Pakistani authorities

July 16, 2024

News Desk

IMF deal boosts Pakistan’s financing outlook: Moody’s

PAKISTAN: Global rating agency Moody’s said on Tuesday that Pakistan’s staff-level agreement with the International Monetary Fund (IMF) has improved its financing outlook, but the ability to sustain reforms is key to easing liquidity risks. In a press release, Moody’s emphasizes that Pakistan’s success depends on its ability to sustain key reforms to mitigate liquidity risks and ensure the long-term sustainability of the program. The 37-month Extended Fund Facility Arrangement (EFF), agreed on July 12 and pending IMF Executive Board approval, is expected to provide reliable financing and attract further support from bilateral and multilateral partners. “If approved, which we

July 14, 2024

News Desk

IMF deal boosts capital markets

KARACHI: Pakistan’s capital markets are all set to celebrate an unexpected early win with the staff-level agreement on a $7 billion Extended Fund Facility (EFF) with the International Monetary Fund (IMF). This 37-month deal is expected to push the stock market past a recent record high of over 81,000 points on Monday, while the rupee is expected to stabilize at 278/$ in the short to mid-25-year term. The Pakistan-IMF staff-level agreement, pending approval by the IMF Executive Board, is expected to unlock additional financing from other multilateral and bilateral creditors, including the World Bank and Saudi Arabia. This will also

July 10, 2024

News Desk

Eidul Azha boosts remittances to near record highs

KARACHI: Remittance inflows from workers sent home by overseas Pakistanis remained robust against expectations in June 2024, posting the second-highest monthly receipts on record at $3.16 billion amid Eidul Azha celebrations. That increase pushed full-year inflows past $30 billion in the fiscal year ending June 30, 2024. Healthy remittance numbers are expected to keep the current account deficit modest for both the month and the full year, extending support for the rupee to remain strong against the US dollar in the near term (up to six months). According to State Bank of Pakistan (SBP) data, incoming remittances increased by 44%

June 8, 2024

News Desk

Rupee boosts hopes of big IMF package

KARACHI: On the back of Pakistan’s request to the International Monetary Fund (IMF) for a bigger bailout package of $8 billion, the rupee on Friday hit a three-week high of Rs 278.20 against the US dollar in the interbank market. According to State Bank of Pakistan (SBP) data, the Pakistani currency gained Rs 0.19 compared to Thursday’s close of Rs 278.39 against the dollar. The currency has appreciated by a net 10.39%, or Rs 28.90, in the last nine months compared to its all-time low of Rs 307.10/$ in the first week of September 2023. The rupee has staged a

May 16, 2024

News Desk

The inclusion of NBP in the FM index boosts investor confidence

KARACHI: Morgan Stanley Capital International (MSCI) on Wednesday upgraded Pakistan’s status by adding a new company from the country to its main global Frontier Market (FM) index, a move that boosted global investor confidence in Pakistan. Global investors, with funds totaling $10 billion, track this index to make investment decisions worldwide, including Pakistan. With the addition of National Bank of Pakistan (NBP) to the main index, the total number of Pakistani companies in the FM index now stands at 21. The inclusion of NBP will be officially effective from June 1, 2024. This decision by MSCI to include NBP in

May 10, 2024

News Desk

Xi’s Europe trip boosts China-CEE cooperation

BUDAPEST: China and Hungary on Thursday upgraded ties to an all-weather comprehensive strategic partnership for the new era, marking the latest step in China’s drive to deepen cooperation with Central and Eastern European (CEE) states. The decision was announced during Chinese President Xi Jinping’s state visit to Hungary, the final stop on his three-nation swing across Europe. It also came a day after China and Serbia decided to build a community with a shared future, an upgrade of their relationship from the comprehensive strategic partnership established eight years ago. The inclusion of Serbia and Hungary — major Central and Eastern

April 29, 2024

News Desk

Russia’s absence boosts US hopes for Olympic gold in artistic swimming

FRANCE: Bolstered by the absence of favorites Russia, the United States will aim for the artistic swimming gold medal at the Paris Games after qualifying for the Olympic team event for the first time since 2008. The Americans punched their ticket to the Games after the world championships in Doha in February, in which they won two bronze medals. “It means so much to me, to the whole team and to the rest of the USA artistic swimming community as well. To those teams that came before us, to the people that fought but didn’t qualify,” Anita Alvarez told Reuters

April 4, 2024

News Desk

Israel boosts defenses after Iran threatens retaliation

JERUSALEM: Israel’s military suspended leave for all combat units on Thursday, amid concerns of a possible escalation in violence after the killing of Iranian generals in Damascus this week prompted threats of reprisals. “According to the assessment of the situation, it has been decided that the leave will be temporarily suspended for all IDF (Israel Defense Forces) combat units,” the army said in a statement. “The IDF is at war and the deployment of forces is under constant evaluation according to requirements,” it said. On Wednesday, the military said it had deployed reservists to bolster air defenses. Reuters journalists and

March 30, 2024

News Desk

Online shopping boosts e-business

KARACHI: IT business consultants and market gurus have noted a significant rise in online store business, attributing it to the growing trend of online shopping. They emphasize that consumers are increasingly attracted to the convenience of buying products from the comfort of their own home, saving time and transport costs and avoiding the urban hustle and bustle. Speaking to The Express Tribune, these experts highlighted the resilience of the online sales figures, which highlight the strong demand for products and services in the market. They stated that building a popular and trusted online store in a market with varying levels

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