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
Finance Minister Muhammad Aurangzeb on Thursday reaffirmed that the government was keen on introducing policy measures that would streamline investment processes and provide incentives to foreign investors. Chairing a meeting with representatives from Pak-Brunei Investment Company Ltd (PBICL) and Saudi-Pak Industrial and Agricultural Investment Company (SPI&AIC) to evaluate the progress, challe
Traders from Karachi have opposed the Rs3.09 per unit additional fuel cost adjustment (FCA) demanded by K-Electric, saying it would put them at a competitive disadvantage compared to the rest of the country. The traders pleaded this on Thursday during National Electric Power Regulatory Authority’s (Nepra) public hearing on KE’s request for permission to extract Rs6.2bn from its consumers for