【Daily】24 Oct. Brief of Pak BizNews
October 24th, 2022
KSE 100 42,213 ▲0.18%
KMI 30 71,146 ▲0.43%
KASB Tech Index 503 ▼0.12%
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Pakistan removed from FATF grey list
Pakistan received good news on Friday when the country was removed from the Financial Action Task Force (FATF) grey list after it implemented two action plans comprising 34 points simultaneously on combating of money-laundering and terror-financing. “We welcome Pakistan to come out from the grey list of FATF for implementing 34 points action plans
Pakistan seeks $6.3b China debt rollover
Pakistan on Saturday requested China to rollover its $6.3 billion debt that is maturing in next eight months as part of its overall plan to arrange $34 billion in the current fiscal year to meet its debt and external trade-related obligations.
Invoking force majeure, drugmaker stops production of all Panadol products
Medicine crisis is likely to worsen in Pakistan after GlaxoSmithKline (GSK) Consumer Healthcare Pakistan on Friday announced to stop production of Panadol Tablets, Panadol Extra Tablets and Children’s Panadol Liquid Range by declaring ‘force majeure’, arguing they were incurring heavy financial losses on the production of Panadol range due to an increase in the price of paracetamol raw ingredients.
SBP provides Rs1.5 trillion to banks
Pakistan’s central bank has injected Rs1.502 trillion into commercial and Shariah-compliant banks for seven to 63 days to help them meet higher demand for liquidity from the government at a stable rate of return.
Q1 govt external borrowing climbs to $2.234bn
The government has borrowed $2.234 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first quarter (July-September) of the current fiscal year 2022-23 compared to $3.204 billion borrowed during the same period of last fiscal year.
Saudi deferred payment facility: Country imports $100m oil in September
Pakistan imported petroleum products worth $100 million on deferred payment basis under the Saudi oil facility for the seventh consecutive month in September 2022.
Fitch cuts Pakistan’s sovereign credit rating to ‘CCC+’ from ‘B-’
Global ratings agency Fitch cut Pakistan's sovereign credit rating on Friday by a notch to 'CCC+' from 'B-', citing further deterioration in the country's external liquidity and funding conditions and a drop in foreign exchange reserves.
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