【Daily】24 Oct. Brief of Pak BizNews
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October 24th, 2022
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KSE 100 42,213 ▲0.18% KMI 30 71,146 ▲0.43% KASB Tech Index 503 ▼0.12%
KASB Market View
National News
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 https://www.thenews.com.pk/print/1002342-pakistan-removed-from-fatf-grey-list
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. https://tribune.com.pk/story/2383139/pakistan-seeks-63b-china-debt-rollover
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. https://tribune.com.pk/story/2383051/sbp-provides-rs15-trillion-to-banks
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. https://www.brecorder.com/news/40204528/q1-govt-external-borrowing-climbs-to-2234bn
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. https://www.thenews.com.pk/print/1002207-fitch-cuts-pakistan-s-sovereign-credit-rating-to-ccc-from-b
Commodities and Currency: 1-Day Change
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