Global credit rating agency Fitch on Monday upgraded Pakistan’s long-term foreign-currency issuer default rating (IDR) to CCC+ from CCC on the back of the country’s deal with the International Monetary Fund (IMF), a statement from the agency confirmed. According to Fitch, a CCC rating is a speculative or junk grade indicating the issuer has a high risk of defaulting on its debt obligations.
The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the key interest rate by 100 basis points (bps) to 19.5 per cent from the previous rate of 20.5pc. The Monetary Policy Committee (MPC) statement issued by the central bank said that it had decided to cut the policy rate by 100bps to 19.5pc, effective from July 30, 2024. Addressing a press conference, SBP Governor
Charge d’affaires of Indonesia to Pakistan Rahmat Hindiarta Kusuma has said that the current annual trade of $45 million between the two countries is much less than its potential which needs to be further increased. Speaking at the Quetta Press Club during his visit on Monday, Mr Kusuma said economic diplomacy and people-to-people contact is the main priority of the Indonesian government and “o
Waves Home Appliances Ltd (WHAL) has received a foreign player’s intention to form a strategic alliance. In a stock filing on Monday, the company said it had initiated discussions to develop a comprehensive business model that covers, among other things, the provision of technical know-how, engineering personnel, the use of the company’s brand name in domestic and export markets, management str
Businessmen were not happy with the 100 basis points interest rate cut announced by the State Bank of Pakistan (SPB) on Monday, saying they were expecting a substantial reduction of 300-500bps for the revival of economic activities. Abdul Aleem, Secretary General and CEO of the Overseas Investors Chambers of Commerce and Industry (OICCI), said the drop in interest rate was positive, but “we exp