In a follow-up to Pakistan’s sovereign rating downgrade, Moody’s Investors Service on Tuesday downgraded the long-term deposit ratings and long-term Foreign Currency Counter Risk Rating (CRR) to Caa1 from B3 of five leading Pakistani banks. These banks include Allied Bank Ltd (ABL), Habib Bank Ltd (HBL), MCB Bank Ltd, National Bank of Pakistan (NBP) and United Bank Ltd (UBL). “The outlook on al
Uber Technologies Inc said on Tuesday it won’t operate its ride-hailing app in Karachi, Multan, Faisalabad, Peshawar and Islamabad anymore. “Uber remains committed to Pakistan — we will continue to serve these five cities with our subsidiary brand Careem and continue to operate the Uber app in Lahore,” the company said in a statement. It’ll continue to offer services in Lahore with new produ
The Securities and Exchange Commission of Pakistan (SECP) has extended the effective date for applicability of the International Financial Reporting Standard (IFRS-9) for non-banking finance companies (NBFCs), including non-bank microfinance companies (NBMFCs) and modarabas, until June 30, 2024. Currently, only 17 out of 42 members of NBFI and Modaraba Association of Pakistan and only two NBMFC
Finance Minister Ishaq Dar will find a receptive audience at the World Bank and the International Monetary Fund (IMF) when he joins their annual meetings on Wednesday. The IMF has approved $77 billion in financing facilities for 10 troubled economies, including Pakistan’s, since the start of the Ukraine war on Feb 24, a London-based research firm, Tellimer reported. The annual meetings that
The International Monetary Fund (IMF) on Tuesday further lowered its global economic growth forecast to below 2 per cent amid stubborn higher inflation with a warning that the worst was yet to come. In its World Economic Outlook (WEO) 2023 – Countering the Cost-of-Living Crisis, the global lender of last resort forecast Pakistan’s GDP growth rate at 3.5pc and inflation at around 20pc with a dis