Tag Archives: Foreign Exchange Reserves

Overview of ECC Meeting On August 30, 2024, the Economic Coordination Committee (ECC) of the Cabinet, chaired by Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb, convened to discuss critical economic policies and projects. The meeting focused on revising home remittances incentive schemes and making decisions regarding major infrastructure projects under the China-Pakistan Economic Corridor (CPEC). Revisions to Remittances …

On Wednesday, Jameel Ahmad, the Governor of Pakistan’s central bank, addressed the National Assembly Standing Committee on Finance, providing a mixed outlook for the country’s economy. Ahmad projected that inflation might surge in the coming months due to recent budgetary measures, rising energy prices, and ongoing geopolitical tensions in the Middle East. Despite these challenges, he assured that the foreign …

On Monday, Fitch Ratings upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) from CCC to CCC+. This upgrade reflects an improvement in Pakistan’s external liquidity and funding conditions, buoyed by recent agreements with the International Monetary Fund (IMF). Fitch highlighted the significant progress under the previous IMF arrangement, which helped Pakistan reduce its fiscal deficits and rebuild its foreign …

The surge in used car imports in Pakistan has raised concerns within the country’s auto industry, with industry leaders denouncing the impact of these imports on local manufacturers. Ali Asghar Jamali, the CEO of Indus Motor Company (IMC), expressed his dismay at the situation, particularly considering it is occurring during a period of import control measures. Jamali highlighted that the …