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Articles for tag: accelerate, building, Credit upgrade, Development, Economic Reform, Interest rate cut, Moody, pakistan inflation rate, reforms, state bank of pakistan, successes

September 9, 2024

News Desk

Building on recent successes to accelerate reforms and development

Islamabad: The recent decline in inflation in Pakistan to 9.6% is a significant achievement, marking the lowest level in three years. This represents a 65% drop compared to August 2023. Hopefully, this will lead to many economic benefits such as enhanced consumer purchasing power, stabilization of business costs and improved government finances. It is time for the State Bank to consider a substantial rate cut considering the rather large gap of over 100% between inflation and interest rates. India’s 6.5% interest rate has remained stable in recent months, despite inflation hovering around 5%. A significant reduction in interest rates will

September 5, 2024

News Desk

Businessmen are calling for a 500 basis point cut in interest rates

KARACHI: Businessmen Group President Zubair Motiwala and Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh requested the State Bank of Pakistan (SBP) to announce a significant rate cut of at least 500 basis points to reduce the interest rate on 14.5% in the upcoming monetary policy statement. They cited the continued decline in inflation to 9.6% in August, while Moody’s recently upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. In a joint statement on Wednesday, business leaders said that with inflation falling to its lowest level in three years,

September 2, 2024

News Desk

Pakistan is recording the lowest inflation in almost three years

Listen to the article Pakistan’s consumer price index (CPI) rose 9.6 percent year-on-year (y-o-y) in August, hitting a 34-month low, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. The CPI, which tracks household inflation by measuring price changes in various categories of household spending, showed a marked drop from the 11.1 percent inflation rate recorded in July 2024 and a significant drop from 27.4 percent in August 2023. Monthly inflation rose 0.39% in August, according to PBS. According to Karachi-based brokerage Topline Securities, this reading represents the lowest inflation rate in nearly three years, stating,

September 1, 2024

News Desk

PSX remains sluggish amid IMF loan delay

KARACHI: The Pakistan Stock Exchange (PSX) experienced a weak week marked by limited activity and minor losses of around 300 points on concerns over Pakistan’s exclusion from the International Monetary Fund’s (IMF) executive committee’s August agenda. The market also remained subdued due to the reversal of investor positions at the end of the month and security concerns. Despite the challenging situation, there were notable developments that helped the stock market make some recovery. Rating agency Moody’s upgraded Pakistan’s credit rating from Caa3 to Caa2, bringing a glimmer of hope. Additionally, repatriation of profits and dividends from foreign investors increased 64

August 31, 2024

News Desk

PSX is making modest gains in terms of privatizations

KARACHI: Positive momentum continued in the Pakistan Stock Exchange (PSX) on Friday on the back of an improved economic outlook as investors closely watched the government’s discussion on privatization of state-owned enterprises (SOEs). The market was also driven by the uptrend in global equities and the government’s commitment to reduce electricity tariffs. In the morning, trading started with strong buying and the KSE-100 index jumped almost 500 points by the afternoon. It hit an intraday high of 78,914.28, up 565 points. However, profit-taking erased gains, sending the index to an intraday low of 78,439.62. The market rallied towards the close

August 30, 2024

News Desk

Bulls dominate PSX on funding hopes

KARACHI: Despite significant volatility, the Pakistan Stock Exchange (PSX) recorded notable gains on Thursday, fueled by positive factors such as falling bond yields and optimism about bridging the external financing gap. These factors, coupled with the impending approval of the $7 billion Extended Facility (EFF) by the Executive Board of the International Monetary Fund (IMF), supported the stock market in maintaining its upward momentum. Moody’s upgrade of Pakistan’s rating to Caa2 and a positive outlook on reduced default risk, announced a day ago, helped the market advance. In the morning, trading started on a bullish note, with the KSE-100 index

February 28, 2024

News Desk

Moody’s holds Pakistan’s credit rating

design: mohsin alam KARACHI: Moody’s Investors Service has left Pakistan’s long-term issuer rating unchanged at ‘Caa3’, suggesting the country faces high credit risk as doubts arise over the new government’s ability to quickly negotiate a new International Monetary Fund (IMF) loan program after the current one expires in April 2024. The global rating agency maintained a “stable outlook” on the credit rating. In another development, Bank of America (BofA) has upgraded Pakistan’s global Eurobond to “overweight” on the hope that international rating agencies will improve the country’s credit rating. However, this expectation proved false in the case of Moody’s latest

October 7, 2022

The Pakistan Daily

Moody’s cuts Pakistan’s rating to Caa1

ISLAMABAD: International credit rating agency Moody’s cut Pakistan’s sovereign credit rating by one notch to Caa1 from B3, citing increased government liquidity, external vulnerability risks and higher debt sustainability risks as the main reasons.   The rating agency’s outlook on Pakistan remained unchanged at negative. In a statement, Moody’s said floods have exacerbated Pakistan’s liquidity and external credit weaknesses. It added that the natural calamity has also vastly increased the country’s social spending needs, while government revenue is “severely hit.”  “Debt affordability, a long-standing credit weakness for Pakistan, will remain extremely weak for the foreseeable future,” it added.   Moody’s

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