Latest news with #Schehzad
Express Tribune
4 days ago
- Business
- Express Tribune
Pakistan tops rankings for risk improvement
Listen to article In a major economic milestone, Pakistan has emerged as the top-performing market in the Global Emerging Market (EM) Rankings for reducing sovereign credit risk, according to a new Bloomberg Intelligence report. Over the past 12 months, Pakistan recorded the largest drop in sovereign default risk worldwide, measured through Credit Default Swaps (CDS), highlighting improved creditworthiness and economic stability. The CDS-implied probability of default has decreased significantly, positioning Pakistan at the forefront of the global EM pack. While Bloomberg's terminal data isn't widely accessible, the report was shared by Finance Minister's adviser Khurram Schehzad on social media platform X, sparking optimism within the financial community. Schehzad wrote, "As per the latest data posted by Bloomberg Intelligence, Pakistan stands out globally as the most improved economy in terms of reduction in sovereign default risk, as measured by CDS-implied probability." He added, "This is a resounding signal to global investors: Pakistan is not only back on the mapit is moving forward with stability, credibility, and reform at its core." According to the report, Pakistan's default probability fell from 59% to 47%, marking an 1,100 basis point improvementsharper than reductions seen in Argentina (7%), Tunisia (4%), and Nigeria (5%). In contrast, countries like Turkey, Ecuador, Egypt, and Gabon saw increases in their risk levels.
Business Recorder
4 days ago
- Business
- Business Recorder
Pakistan leads emerging markets in sovereign risk recovery, says Bloomberg Intelligence
In a positive development on the economic front, Pakistan has emerged as the most improved emerging market in terms of sovereign credit risk, according to the latest analysis by Bloomberg Intelligence. Backed by macroeconomic stabilization, structural reforms, and successful engagement with the International Monetary Fund (IMF), the country has recorded the sharpest decline in default risk globally over the past year—signaling renewed investor confidence and growing financial credibility, said Khurram Schehzad, Advisor to Pakistan's Finance Minister, in a post on social media platform X on Saturday. 'As per the latest data posted by Bloomberg Intelligence, Pakistan stands out globally as the most improved economy in terms of reduction in sovereign default risk, as measured by Credit default swaps (CDS)-implied probability. 'Pakistan topped Global EM Rankings in default risk reduction, as the country has recorded the largest drop in sovereign default risk globally over the last 12 months,' said Schehzad. A CDS is a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse them if the borrower defaults. Citing Bloomberg Intelligence data, default probability was down from 59% to 47%, an 11 percentage point improvement, said Schehzad. 'This marks the sharpest decline among major emerging markets, ahead of Argentina (-7%), Tunisia (-4%), and Nigeria (-5%). In contrast, countries like Turkey, Ecuador, Egypt, and Gabon have seen their default risks rise.' Schehzad was of the view that the decline in Pakistan's risk signals renewed investor confidence—fueled by 'macroeconomic stabilisation, structural reforms, successful IMF engagement and timely debt repayments, and improved credit outlooks by S&P, Fitch, and others'. 'Pakistan is not only back on the map—it is moving forward with stability, credibility, and reform at its core,' he said.
Time of India
03-06-2025
- Business
- Time of India
ADB approves $800 million package for Pakistan
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Asian Development Bank (ADB) approved USD 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management , an official said on Schehzad, advisor to the finance minister confirmed the development in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG).He said, "ADB approves USD 800 million financing package for Pakistan" under the Resource Mobilisation Reform the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the "Improved Resource Mobilisation and Utilisation Reform Programme" includes a policy-based loan of USD 300 million, and ADB's "first-ever policy-based guarantee" of up to USD 500 million, which is expected to mobilise financing of up to USD 1 billion from commercial banks."Pakistan has made significant progress in improving macroeconomic conditions," said ADB country director for Pakistan, Emma Fan. "This programme backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth."The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management."It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending," it ministry officials, The Express Tribune newspaper reported that it aims to enhance domestic resource mobilisation and stabilise the economy through financial support will help improve the tax system, increase revenues, and promote fiscal discipline. The programme is also expected to broaden the country's revenue base and marks a key step toward economic self-reliance. PTI
Express Tribune
29-05-2025
- Business
- Express Tribune
Budget 2025–26 to be presented on June 10, reaffirms advisor to FM
Listen to article Advisor to the Finance Minister Khurram Schehzad has clarified that budget 2025–26 will be presented on June 10 as scheduled, dismissing media reports suggesting a delay due to Eidul Azha holidays. According to reports from several media outlets, the budget—initially expected to be presented on June 2—was reportedly rescheduled to June 12 because of Eidul Azha holidays, which is to fall on June 7. However, Schehzad reaffirmed via a post on X that no such decision has been made to delay or reschedule the budget. 'As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025,' he wrote. 'Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.' As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.@Financegovpk @PakPMO#PakistanBudget #EconomicSurvey #MoF — Khurram Schehzad (@kschehzad) May 29, 2025 Additionally, Finance Secretary Imdadullah Bosal confirmed that the budget will indeed be presented on June 10. Speaking to the media on Thursday, Bosal mentioned that while the date for the Annual Plan Coordination Committee (APCC) meeting has not yet been finalised, and the date of the National Economic Council (NEC) meeting may still change, the budget schedule itself is firm. Read more: Zil Hajj moon not sighted in Pakistan, Eidul Azha to be observed on June 7 The Central Ruet-e-Hilal Committee announced on Tuesday that the Zil Hajj moon was not sighted in the country, and Eidul Azha will therefore be celebrated on June 7. Government usually declares at least three days of public holidays for Eidul Azha, during which Muslims perform religious rituals, including the sacrifice of animals. This year, the third day of Eid will fall on June 9 — the same day the government plans to release the Economic Survey.
Business Recorder
24-05-2025
- Business
- Business Recorder
FY26 budget on June 10
ISLAMABAD: Pakistan government will present its budget for the financial year 2025-26 on Tuesday, June 10, 2025, Khurram Schehzad, the finance minister's adviser, said on Friday. He wrote in a post on X, 'The Federal Budget for FY 2025–26 of Pakistan will be presented on June 10, 2025'. 'The Pakistan Economic Survey 2024–25 will be released a day before the Federal Budget, on June 9, 2025,' Schehzad said. Earlier it was expected that Finance Minister Muhammad Aurangzeb will present the budget in National Assembly on June 2, before Eidul Adha. Copyright Business Recorder, 2025
