Fitch confirms Georgia at BB with negative outlook
Fitch says the negative outlook ‘reflects the significant ongoing impact of the coronavirus pandemic on Georgia s economy’. Photo: Nino Alavidze/Agenda.ge Agenda.ge, 13 Feb 2021 - 14:31, Tbilisi,Georgia
Global Fitch has confirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB’ with a negative outlook.
Fitch reported yesterday that the country’s ratings are supported by ‘strong structural indicators, such as governance and business environment’, relative to BB category peers.
It also said that ‘a consistent and credible policy framework underpins Georgia s relative resilience to shocks’.
These credit strengths are balanced by a high share of foreign-currency denominated government debt, low external liquidity and higher external financing requirements relative to peers”, Fitch reported.
Rupee weakens
February 2, 2021
KARACHI: The rupee fell versus the greenback in the interbank market on Monday due to increased demand for the dollars for imports and debt repayments, dealers said.
Rupee ended at 160.22 per dollar, weaker than Fridayâs close of 160.10, and traded as low as 160.30 against the greenback during the session. Dealers said an uptick in importer demand put pressure on the local unit.
âIn addition to the import payments, there were debt repayments of around $18 million to the International Monetary Fundâs Extended Fund Facility, which pulled the rupee lower,â a foreign exchange dealer said.
In the open market, the rupee closed at 160.35 to the dollar, compared with 160.30 in the previous session. Dealers said that the rupee would be stuck in a band of 160-160.50 in the sessions ahead.
New Asian Development Bank 5-Year Partnership Strategy to Lift Pakistan’s Growth, Resilience, and Competitiveness
Manila, January 27, 2021 (PPI-OT): The Asian Development Bank (ADB) has endorsed a new 5-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people’s well-being, create jobs, and expand economic opportunities as the country works to overcome the coronavirus disease (COVID-19) pandemic.
The pandemic has interrupted the macroeconomic recovery in Pakistan, resulting in a sharp contraction in growth, a rise in public expenditures, and a loosening of monetary policy to mitigate the health and economic impacts.
“As with many countries in the region, COVID-19 has affected Pakistan, revealing the extent to which the population is exposed to economic and social vulnerabilities,” said ADB Director General for Central and West Asia Eugene Zhukov. “The new CPS 2021-2025 will build greater resilience of the population
ADB endorses 5-year partnership strategy for Pakistan yenisafak.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yenisafak.com Daily Mail and Mail on Sunday newspapers.