Moody’s Ratings has projected that Pakistan will draw its foreign exchange reserves to repay the maturing foreign debt, which will keep near-term default risks high. “Argentina, Pakistan and Tunisia have large market debt repayments over the next two years compared to their foreign exchange reserves. Barring new or additional foreign currency financing from development partners, these sovereign
The cabinet has blocked the import of banned wildlife from Africa by turning down a proposal floated by the Ministry of National Food Security and Research. Sources told The Express Tribune that the food security ministry sought a one-off relaxation in the application of Pakistan Animal Quarantine Rules 1980 for the import of wildlife from Africa. However, a recent cabinet meeting dismissed
Eminent business leaders have expressed grave concern about the closure of over 50% factories in every industrial zone of the country and cautioned that if the government did not take measures on a war-footing, it may turn out to be a disaster for the economy. They have pleaded for the immediate abolition of the two-tier system of taxes-cum-levies as it takes a heavy toll on the formal industri
Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), increased $16 million and stood at $9.11 billion in the week ended May 31, 2024, as the central bank apparently continued to follow its policy of absorbing surplus supply of the greenback from the domestic market. Despite the improvement, the country’s capacity to pay for goods and services’ imports remained low wit
China urges the United States to earnestly abide by market principles and international trade rules, and create a sound environment for fair competition among enterprises from all countries, a Chinese foreign ministry spokesperson said on Thursday. Spokesperson Mao Ning made the remarks at a daily news briefing when answering a query on reports that US President Joe Biden said China provides su