The Auditor General of Pakistan (AGP) has highlighted serious financial irregularities, non-transparent procurements and unauthorised expenditures within various formations of the defence services, calling on the relevant authorities to improve internal controls and initiate inquiries to fix responsibility. In its audit report on the accounts of Defence Services for the audit year 2023-24, t
The bulls ended a three-day losing streak on Thursday following a rating upgrade that improved the economic outlook, leading to cherry-picking and lifting the benchmark index above 78,000. Ahsan Mehanti of Arif Habib Corporation said stocks closed bullish on Moody’s Ratings’ upgrade to Caa2, raising the outlook to positive on reduced default risk. He added that falling bond yields and greate
THE decision by Moody’s to upgrade Pakistan’s long-term sovereign credit rating from Caa3 to Caa2 could not have come at a better time. The agency has also revised its outlook for the country’s beleaguered economy from stable to positive. The rating upgrade, which comes after a similar announcement by Fitch, is inspired by Pakistan’s improving macroeconomic conditions, especially liquidity and its
The oil industry has urged the federal government to immediately ban the illegal import and distribution of light aliphatic hydrocarbon solvent mixed with petroleum products that cause damage to automobile engines. Expressing grave concerns regarding illegal imports, Oil Marketing Association of Pakistan (OMAP) Chairman Tariq Wazir Ali said this solvent is being extensively used in the adultera
The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $112 million to $9.403 billion during the week ending on August 23, reported the central bank on Thursday without disclosing the source of this inflow. In a recent interview, SBP Governor Ahmed Jameel said the government had approached Middle Eastern banks to borrow $4bn. Media reports indicate that the governme