October 29th, 2008 by The Online Reporter
Moody’s Inverters Service lowered Pakistan’s ratings to B3 which can cause more problems for government of Pakistan to get funds to avoid default situation.
The rating on Pakistan’s government bonds was reduced by Moody’s to B3 from B2, six rankings below investment grade and the same level as Argentina, Lebanon and Bolivia.
“This adds to Pakistan’s economic difficulties,’’ said Habibur Rehman at Atlas Asset Management. “The IMF now seems to be the last option.’’
October 28th, 2008 by The Online Reporter
IMF raised objection and stopped World Bank to issue $300 million loan to Pakistan for its development and to over-come current economic crisis, World Bank has announced to cancel this debt program.
According to a British news agency, this unexpected step taken by the World Bank would shock the plan B designed by advisor finance Shaukat Tareen to save Pakistan from economic disaster. Under this plan, the advisor finance had made the programme of collecting four billion dollars within 30 days.
However, the Pakistan official said that the government hoped that the IMF would not oppose this programme under the economic circumstances of Pakistan.
October 25th, 2008 by The Online Reporter
Asif Ali Zardari addressed that “Governor State bank of Pakistan Dr. Shamshad Akhtar will be soon restored” during his meeting with a delegation of industrialists and businessmen. New governor will take charge on 15 November.
The meeting was attended by Board of Investment Chairman Saleem U. Mandviwala, Secretary Commerce Syed Asif Shah, Revenue Division Chairman Shahab Khawaja, Additional Finance Secretary Mohammad Ayub Tareen, S.M. Munir, Haji Masood, Khalid Tawab, Zahid Hussain, A. Haseeb Khan, Masood Naqi, Yahyha Polaki, Majid Aziz, Arshad Farooque, Fazal Jalil, Capt (retd) Moiz and Parwaiz Sohail.
October 23rd, 2008 by The Online Reporter
Dominique Strauss-Kahn, Managing Director of the IMF addressed that Pakistan has made a formal request to the International Monetary Fund for cash assistance to help it overcome the current economic crisis, but on the other side financial advisor to the Prime Minister Shaukat Tarin told a press conference that “We have not formally requested the board of IMF for a facility as of now”.
Pakistan needs $3.5 to $4.5 billion in foreign exchange over the next 30 days to over-come this economic crisis. Governor State Bank Dr. Shamshad Akhtar has left for Dubai where she will have a meeting with IMF authorities.
October 21st, 2008 by The Online Reporter
Deposed chief justice Iftikhar Muhammad Chaudhry addressed to Rawalpindi bar Association that he had many secrets in his heart and he will disclose them on November 3rd 2008. He entered in Supreme Court building after almost one year.
It really seems sad that what kind of chief justice we had in past, he is openly blackmailing Government of Pakistan, Prior to this he and some senior attorneys of Pakistan blackmailed Musharraf Government and now they have started again against new government. There are huge chances that Justice Iftikhar will soon form his political party because he has learnt almost every technique of politics.
