Tracking the positive developments in Pakistan

[Bhaijaan]

Pakistan signs trade deal with the USA.

https://twitter.com/x/status/1950776467610017945

 

[JaDed]

Pakistan always does deals with countries but there is no transparency at all, CPEC first and now this, we always have to wait 8-12 years to know what actually was the deal.

Irrespective Pakistan is lucky with Chinese friendship, Chinese will definitely manufacture a future unless US can leap ahead in AI robotics.

 

[The Bald Eagle]

Moody’s lifts Pakistan’s rating to ‘Caa1’ on stronger external finances​

Moody's said on Wednesday it had raised Pakistan's credit rating by one notch to 'Caa1' from 'Caa2' due to an improving external financial position and it assigned the country a "stable" outlook.Pakistan-specific travel guide

The announcement came within hours of Pakistan's Finance Minister Mohammed Aurangzeb saying there was more room for the central bank to cut the country's key policy rate from 11% on the back of positive economic indicators.

"The credit rating's improvement is a sign that economic policies are heading toward the right direction," Prime Minister Shehbaz Sharif said in a statement.

Also Read: Aurangzeb vows to close tax loopholes, boost investor confidence.

Pakistan's international bonds rose as much as 1 cent to between 90 and 100 cents on the dollar following the ratings upgrade. It lifted most of them to their highest since early 2022 when fears of a full-blown debt crisis sent them plunging to as little as 30 cents.

Moody's decision to raise the rating by one notch after Fitch and S&P did the same will help Pakistan's capability to raise external debt. Pakistan says its economy is on a recovery path after a $7 billion IMF bailout helped to stabilise it.Pakistan-specific travel guide

"We changed the outlook for the Government of Pakistan to stable from positive," Moody's said in a statement.

"The upgrade to Caa1 reflects Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program," it said.

Pakistan's debt affordability has improved, but remains one of the weakest among rated sovereigns, Moody's said, adding that the Caa1 rating also reflected the country's weak governance and high degree of political uncertainty.

Read: New Pak-US front against terror trains sights on BLA, TTP

Aurangzeb told a gathering of businessmen in Islamabad ahead of the Moody's announcement that he was expecting an improvement in Pakistan's credit rating by other agencies after Fitch and S&P.Pakistan-specific travel guide

"We are hopeful of progress in terms of the policy rate going south," he added.

Aurangzeb said it was his personal view that there was more room for a rate cut towards the end of the year, adding that it was for the central bank to make the final call on the issue.

The next policy rate announcement is due on September 15.

The central bank left its key interest rate unchanged at 11% on July 30, going against analyst expectations. In a Reuters poll they had forecast a reduction of 50 to 100 basis points.

The bank said the inflation outlook had deteriorated due to rising.

Source: The Express Tribune

 

[Bhaijaan]

Pakistan’s economic development might define the future of peace in this region.

 

[gazza619]

Pakistan’s economic development might define the future of peace in this region.

As the saying goes, "Clapping needs two hands." This sentiment perfectly encapsulates the notion that peace cannot be achieved unilaterally, it requires the concerted efforts and goodwill of all parties involved.

In our context, the stability and harmony of the region are heavily dependent on the mindset and actions of the leaders of both India and Pakistan.

 

[Ball Blazer]

PM inaugurates Chinese-led Special Economic Zone, welcomes $100m investment​

Prime Minister Shehbaz Sharif on Friday inaugurated the Challenge Group Special Economic Zone (SEZ) and welcomed a $100 million investment by the Chinese garments giant, Challenge Fashion Private Limited, aimed at boosting Pakistan’s textile exports and industrial capacity, Radio Pakistan reported.

Speaking during a meeting with a delegation from the Chinese group, led by Chairman Huwang Weiguo, he expressed Pakistan’s commitment to elevating its strategic and economic partnership with China to greater heights.

“Pakistan and China enjoy a time-tested friendship that has stood resilient through every challenge,” PM Shehbaz said. “We are pleased to see our economic relations grow stronger, and we welcome more Chinese industries to set up operations in Pakistan,” he added.

Sharif lauded the Chinese firm’s continued confidence in the Pakistani market, noting that Challenge Fashion Group has already invested $17 million in the country since 2014. The new Special Economic Zone, he said, will serve as a model for sustainable industrial development, facilitating technology transfer, skill enhancement, and job creation.

He directed relevant authorities to extend all necessary support to ensure the swift operationalisation of the SEZ and reaffirmed the government's focus on advancing the industrial dimension of the China-Pakistan Economic Corridor (CPEC).

The PM also highlighted Pakistan's keen interest in learning from China’s expertise in the textile sector and announced that a China-Pakistan Business-to-Business Conference would soon be held in China to encourage private sector collaboration.

Briefing the premier, the Challenge Group delegation shared that the $100 million investment over the next five years is expected to generate textile exports worth $400 million. Chairman Weiguo thanked the PM for the warm reception and hospitality, saying the group was committed to deepening its engagement with Pakistan’s growing textile sector.

PM inaugurates Chinese-led Special Economic Zone, welcomes $100m investment | The Express Tribune

Challenge Group's $100m investment aims to boost textile exports to $400m over five years

tribune.com.pk

 

[Ball Blazer]

PM pushes for cashless, digital economy

Prime Minister Shehbaz Sharif on Sunday said the government was prioritising efforts to digitise the economy and shift all transactions to a cashless system.

He was chairing a review meeting on the cashless and digital economy in the federal capital.

The prime minister expressed satisfaction with the progress toward a cashless economy and directed chief secretaries to fully support the federal government in expanding the Raast system to district governments.

The meeting was briefed on the progress of measures to promote a cashless economy.

The participants of the meeting were informed that digital IDs will be created under the Pakistan Digital Public Infrastructure, integrating citizens' national identity cards, biometrics, and mobile numbers to enable digital payments.Online marketplace for Pakistani handicrafts and products.

They were told that provincial governments had made significant progress in linking public-to-government and government-to-public payments with the Raast system.

On digital infrastructure, the Capital Development Authority has granted right-of-way for fiber connectivity, while talks are ongoing with Pakistan Railways and the National Highway Authority.

Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information and Broadcasting Attaullah Tarar, Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, Federal Minister for Petroleum Ali Pervaiz Malik, Adviser to the Prime Minister Dr Tauqir Shah, Minister of State for Finance and Railways Bilal Azhar Kayani and relevant senior government officials attended the meeting

PM pushes for cashless, digital economy | The Express Tribune

Directs chief secretaries to support govt in expanding Raast system

tribune.com.pk