Global ratings agency Fitch on Monday warned that the “close outcome” of the February 8 polls and the resulting “near-term political uncertainty” may complicate Pakistan’s efforts to secure a financing agreement with the International Monetary Fund (IMF). Nearly 60.6 million Pakistanis voted in the country’s 12th general elections earlier this month amid a day-long suspension of cellular servic
The net outflow of foreign direct investment (FDI) hit a six-year high at $173 million in January reflecting the uncertain political situation in Pakistan. The State Bank’s latest data on Monday showed that January noted a net outflow of $173.2m against a net inflow of $237m in the same month of 2023. Since the caretaker government took charge in August 2023, the uncertainty over the politic
Merchandise exports grew 25.3 per cent in the first fortnight of the current month on a year-on-year basis, indicating a recovery of export-led industrial growth. Official data compiled by the commerce ministry showed that export proceeds in the first 15 days of February reached $1.275 billion from $1.017bn over the corresponding period last year. Commerce Minister Gohar Ejaz noted that the
The first month of the second half of the current fiscal year posted a current account deficit (CAD) of $269 million, but the deficit shrank significantly in the first seven months of this year. The latest data issued by the State Bank of Pakistan on Monday shows that the current account changed its track from surplus to deficit, indicating a future trend. The current account was in surplus wit
The disparity in the value of the Pakistani currency at the interbank and open markets further widened to Rs2.27 on the second consecutive working day amid political uncertainty. This fresh increase in the gap on Wednesday strengthened earlier signs of market volatility returning to the currency. The difference stretched to 0.81% after the domestic currency maintained a downturn in open market