Pakistan's default risk soars amid political turmoil
The CDS soared to 75.5 per cent on Wednesday from 56.2pc a day ago, Dawn news reported citing data provided by research firm Arif Habib Limited. Official sources in Washington said last week the schedule for talks between Pakistan and the IMF had been readjusted, but the negotiations are continuing.
More and more Pakistanis keen to leave country as political, economic uncertainties rise
A recent report by the Pakistan Institute of Development Economics (PIDE) revealed that 37 per cent of the citizens want to leave the country. In urban Pakistan, the figure is 40 per cent compared to 36 per cent in the rural region. The desire to leave the country was more intense among the educated. The PIDE report showed that among the four provinces of the country, the desire to leave was the highest in Balochistan with 42 per cent showing keenness to relocate, followed by Khyber Pakhtunkhwa (KP) and Sindh.
Italian economy facing downgrades amid inflation, energy concerns
Moody's on Wednesday slashed its assessment of the country's banking system from "stable" to "negative", and said it expects conditions for the banking sector to deteriorate further over the coming 12 to 18 months, especially with regard to the performance of bank loans and broader earnings, reports Xinhua news agency.
UK Home Secy, MPs raise pitch for FTA at Diwali event
"Building closer India-UK trade and security partnerships is of huge value to both our nations," Braverman tweeted on Tuesday. "There is an economic imperative for our countries to work together, which is why we are so eager to secure a trade deal," the Indian-origin minister, who was in the eye of the storm over her controversial remarks about Indians forming the largest group of visa over-stayers, said.
Half of world's poorest need urgent debt relief: UNDP
UN Development Program (UNDP) warned of the risks of inaction in a new paper, noting that if these countries do not get access to effective debt restructuring, poverty will rise and desperately needed investments in climate adaptation and mitigation will not happen, reports Xinhua news agency.
Managing Director of the International Monetary Fund chief highlights 'fundamental shift' in global economy
The global economy is moving "from a world of relative predictability, with a rules-based framework for international economic cooperation, low interest rates, and low inflation... to a world with more fragility, greater uncertainty, higher economic volatility, geopolitical confrontations, and more frequent and devastating natural disasters", Georgieva said in a curtain raiser speech ahead of the 2022 Annual Meetings of the IMF and the World Bank scheduled next week.
Sri Lanka's inflation rate jumps to 70.2%
Due to the inflation, food prices spiked by 84.6 per cent compared to the corresponding period in 2021, reports the BBC. In August, the Central Bank of Sri Lanka said that it had expected inflation to ease, as the country's economy slowed, after peaking at about 70 per cent.
RCEP contributes to region's post-pandemic recovery efforts: ASEAN joint statement
The statement was issued after the inaugural RCEP Ministers' Meeting held in northwest Cambodia's Siem Reap province, on the sidelines of the 54th ASEAN (Association of Southeast Asian Nations) Economic Ministers' Meeting. The meeting welcomed the entry into force of the RCEP agreement on January 1, 2022 and looked forward to its ratification by all signatory states, Xinhua news agency reported quoting the statement.