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Fitch upgrades Pakistan credit rating on upbeat external funding outlook

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The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. — Reuters

Fitch Ratings has upgraded Pakistan’s credit rating, attributing the development to improved external funding prospects following a new International Monetary Fund (IMF) bailout. Although still below investment grade, analysts suggest that the upgrade indicates a reduced risk of default.

The rating agency raised Pakistan’s long-term foreign-currency issuer default rating (IDR) to CCC+ from CCC. Fitch typically does not assign outlooks to sovereigns with a rating of CCC+ or below.

However, the agency did warn that renewed deterioration in external liquidity conditions, delaying IMF programme reviews, or indications that the authorities were considering debt restructuring could lead to downgrades in the future.

“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s SLA (staff-level agreement) with the IMF on a new 37-month USD7 billion EFF (extended fund facility),” Fitch said in a handout released on Monday.

According to the rating agency, strong performance on the previous, more temporary IMF arrangement helped the country narrow fiscal deficits and rebuild foreign exchange (FX) reserves, and further improvements are likely.

“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine programme performance and funding,” it added.

Fitch said Pakistan and the IMF reached the SLA on 12 July.

Highlighting the fiscal struggles that lie ahead for Pakistan, the rating agency notes that before likely IMF board approval by end-August, the government will have to obtain new funding assurances from bilateral partners, chiefly Saudi Arabia, the UAE and China, totalling about $4 billion-5 billion throughout the EFF.

“We believe this will be achievable, given the strong record of support and significant policy measures in the recent budget for the fiscal year ending June 2025 (FY25),” Fitch said.

It said Pakistan completed its nine-month Stand-by Arrangement with the IMF in April, while over the past year, it raised taxes, cut spending and raised electricity, gas and petrol prices.

The agency observed that the government also all but eliminated the gap between the interbank and parallel market exchange rates through a crackdown on the black market and regulation of exchange houses.

Pakistan has been struggling with boom-and-bust cycles for decades, leading to 22 IMF bailouts since 1958. Currently the IMF is fifth-largest debtor, owing $6.28 billion as of July 11, according to the lender’s data.

The latest economic crisis has been the most prolonged and has seen the highest ever levels of inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

The conditions of the programme have become tougher. The latest bailout is aimed at cementing stability and inclusive growth in the crisis-plagued South Asian country, the IMF said.

Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

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Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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Gold prices reach historic high in Pakistan – Pakistan Observer

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