Islamabad—Pakistan’s foreign currency rating was
cut one level to B by Standard & Poor’s, citing
government spending that’s growing faster than
revenue collection and political instability.
The outlook is negative, S&P said. “The
downgrade reflects rising pressures from the
combination of expanding fiscal and external
imbalances, against a volatile and uncertain
political setting,” according to a release from
New York-based S&P today.
Islamabad—President of Islamabad Chamber of
Commerce and Industry (ICCI) Muhammad Ijaz
Abbasi has demanded of the government
promulgation of Rent Control Act in Islamabad.
Talking to Chief Commissioner Islamabad Capital
Territory Hamid Ali Khan here on Thursday he
stressed for restoration of previous law in this
respect.
Islamabad—Mr. Tariq Sayeed, President, Mr.
Iftikhar Ali Malik, Vice President SAARC CCI
along with Mr. Murtaza Hashwani, Chief Executive
of Hashoo Group and SCCI officials have met with
a senor level delegation from the European Union
involving Mr. Peter Berz, Counsellor, Head of
Section
Karachi—Remittances sent home by overseas
Pakistanis continued to show a rising trend as
an amount of $5,319.08 million was received in
the first ten months (July 2007-April 2008) of
the current fiscal year 2007-08, showing an
increase of $868.96 million or 19.53 percent
over the same period of the last fiscal year.
