Moody’s announces stable outlook for Pakistan banking sector
LAHORE – The international credit rating agency Moody’s has improved its rating for the banking sector of Pakistan.
The Moody’s Investors Service has projected a stable economic outlook for Pakistan with modest growth of 1.5% in the current fiscal year. The growth will accelerate to 4.4% in the next fiscal year, it added.
The trade activities had returned despite ongoing Covid-19 pandemic. However, the activities would remain down in the current fiscal year compared to the previous years.
It also added that government and the State Bank of Pakistan (SBP) initiatives to support the financial system and relief packages for households and industries in the wake of pandemic put the macroeconomy back on the growth track.
The International credit rating agency projected gross domestic product (GDP) growth of 1.5% for the Fiscal Year 2021, which was lower than the expansion of 1.5-2.5% anticipated by Pakistan’s central bank.
The government’s measures in the wake of ongoing pandemic included a fiscal stimulus package of 2.8% of GDP or Rs1.2 trillion to support households and businesses including SMEs, agriculture, and housing and construction sectors.
The central bank also took measures to support the economy including cutting the interest rate.
New IMF programme to prove beneficial for ... 07:55 PM | 18 Oct, 2018
ISLAMABAD - International rating agency Moody's has said the new IMF program for Pakistan will prove beneficial to the ...
- No penalty for late income tax return filers, says FBR08:00 PM | 17 Jan, 2021
- Pakistan showcases 'Koh-i-Noor' at Natural History Museum06:30 PM | 17 Jan, 2021
- Pakistan's coronavirus monitoring body chief reveals when Chinese ...05:53 PM | 17 Jan, 2021
- Kashmir Beats – Hira Mani wins hearts with her Sawaari09:19 PM | 16 Jan, 2021
- Selena Gomez shares the reason behind calling out Mark Zuckerberg ...07:32 PM | 16 Jan, 2021
- Stars who dated in the past11:38 PM | 5 Jan, 2021
- COVID-19 – How many vaccine doses Pakistan and neighbouring ...08:34 PM | 5 Jan, 2021
- 10 women celebs who lent their star power to UN06:50 PM | 5 Jan, 2021