Connect with us

Tech

Fitch Ratings Upgraded Pakistan’s Credit Rating to ‘CCC+’.

Published

on

Fitch Ratings
Fitch ratings

(VOR News) – Pakistan’s Fitch Ratings Long-Term Foreign-Currency Issuer Default Rating (IDR) has been upgraded from ‘CCC’ to ‘CCC+’, according to an announcement made by Fitch Ratings.

A recent deal with the International Monetary Fund (IMF) is the primary factor that has led to this development, which indicates that Pakistan’s external liquidity and financial conditions have improved from their previous state.

Pakistan demonstrated impressive performance under a previous International Monetary Fund (IMF) program, which led to the current 37-month Extended Fund Facility (EFF) arrangement worth $7 billion.

The nation was successful in reducing its budget deficits and re-establishing its foreign exchange reserves, which contributed to the establishment of a more stable economic environment.

Pakistan’s staff-level agreement with the International Monetary Fund (IMF) is largely responsible for the rating upgrade.

Fitch Ratings has a high rating because external support is a given.

Pakistan plans to solve the ongoing structural difficulties that have been plaguing its tax system, energy sector, and state-owned firms through the implementation of the new program.

The government has committed to preserving the flexibility of the exchange rate and improving the framework through which monetary policy is implemented.

Depending on Pakistan collecting further finance commitments from bilateral partners such as Saudi Arabia, the United Arab Emirates, and China, Fitch Ratings anticipates that the International Monetary Fund board will approve the program by the end of August. These pledges are expected to total to around $4-5 billion over the course of the EFF’s tenure.

Pakistan has shown fiscal discipline during the course of the past year by increasing taxes, decreasing spending, and increasing the costs of goods and services such as petrol, electricity.

The government has also made considerable initiatives to close the difference between exchange rates on the parallel market and those on the interbank market.

A crackdown on the black market is included in Fitch Ratings actions.

In the fiscal year 25 (FY25), Fitch Ratings forecasts that Pakistan’s current account deficit (CAD) would be contained at roughly $4 billion, which is equivalent to approximately 1% of GDP. This comes after a significant drop to approximately $700 million in the fiscal year 24. The tightening of financing conditions and the general decrease in domestic demand are to blame for this.

As a result of the State Bank of Pakistan (SBP) rebuilding its foreign exchange reserves in the midst of new finance inflows and limited Canadian dollars, Pakistan’s foreign exchange reserves have showed significant signs of recovery.

By June 2024, official gross reserves, which include gold, had climbed to more than $15 billion. It is anticipated that these reserves will increase to about $22 billion by the end of the fiscal year, which will bring them closer to their peak in 2021.

In the fiscal year 25 (FY25), Fitch Ratings anticipates a primary surplus of 0.8% of GDP and an overall fiscal deficit of 6.9% of GDP. By fiscal year 26 (FY26), the deficit is expected to decrease to 1.3% and 6.9% of GDP, respectively. Developed in conjunction with officials from the International Monetary Fund, these projections are based on the partial implementation of the revenue initiatives that are stated in the budget for the fiscal year 25.

Here’s what Fitch Ratings thinks about Pakistan’s upheaval.

Fitch Ratings highlighted potential weaknesses due to Pakistan’s large finance needs and the demand for onerous reforms, despite the fact that these economic indicators are encouraging. The agency issued a warning that the failure to execute these measures might put the performance of the program as well as the stability of the funding at risk.

Fitch Ratings voiced concerns about the political environment in the wake of the close results of the elections that took place in February. These elections resulted in a mandate for Prime Minister Shehbaz Sharif’s PMLN party that was weaker than anything that was anticipated.

Following a verdict by the Supreme Court that re-allocated reserved seats in favour of independents linked with the PTI party, which is the party of former Prime Minister Imran Khan, the Pakistan Muslim League-Nawaz (PMLN) and its allies hold only a slender majority in the National Assembly.

SOURCE: MMN

SEE ALSO:

NVIDIA’s AI Chips will Receive Memory Chips from Samsung in China.

Meta, Mark Zuckerberg’s Project, Gets Better with a Cool New AI Model.

Nokia’s shares fell 8% after reporting its lowest quarterly net sales since 2015.

Continue Reading

Tech

Microsoft 365 is Unavailable to Thousands of Customers, According to Downdetector.

Published

on

Microsoft

(VOR News) – The website Downdetector.com, which monitors outages, reports that Microsoft’s productivity software suite has been unavailable to more than 16,000 users on Thursday.

A flawed software update that was issued by CrowdStrike (NASDAQ:CRWD), a firm that offers services linked to cybersecurity, was responsible for the damage that occurred to around 8.5 million Windows personal computers.

These systems were targeted by malicious malware. CrowdStrike is the one who distributed the update. As a consequence of this, a wide variety of businesses, including those operating in the fields of healthcare, banking, and aviation, among others, have experienced a negative impact on their operations.

Microsoft’s circumstances led to this.

“We are investigating an issue where users may be unable to access multiple Microsoft (NASDAQ:MSFT) 365 services,” the manufacturer of Windows noted in a post on X. “We are looking into the matter.” An official statement from the corporation stated, “We are looking into the matter.”

“We are looking into the matter.” An official statement was released by the company, which stated, “We are looking into the matter.” The statement was issued by the corporation officially. “We are looking into the matter.” “We are looking into the matter.”

Microsoft did not immediately provide a response to the questions that were taken into consideration when the firm was asked about the nature and cause of the outage, as well as when it anticipated a recovery. The company was also asked about when it anticipated a recovery.

Additionally, the company arrived at the judgement that it would not be the appropriate time to provide a response at this particular moment in time.

The Azure cloud platform, as an alternative, made an announcement on X that it was beginning an investigation into customer reports of a possible problem connecting Microsoft’s services to AT&T (NYSE:T) networks.

Microsoft announced the study would start right away.

There was a statement in the announcement that the investigation would be carried out. The investigation is currently being carried out with the intention of addressing the allegations that have been made.

It was the reports that were received from customers that sparked the investigation, as stated in the previous sentence.

Despite the fact that the telecom operator did receive a request for a response, they did not quickly react to the question that was asked (despite the fact that they did receive the request).

According to the information that was provided, the number of events that occurred with Microsoft 365 had reached its peak point, which was approximately 23,000, and there were indicators that the issues were beginning to decrease, as was claimed.

It has been mentioned by a large number of people on social media that the services that Microsoft offers are functioning in an efficient manner. This assertion is in accord with the assertions that have been made by consumers.

Approximately 16,500 customers reported experiencing issues with Microsoft’s 365 products at approximately 9:12 a.m. Eastern Time, while approximately 4,000 customers reported experiencing issues with AT&T services at the same time.

These two reports were delivered to the company that received them. One thing that should be brought to your attention is the fact that both of these incidents took place at the same moment. There is a single underlying cause that can be traced back to the simultaneous appearance of each of these difficulties.

Downdetector, a company that monitors outages by aggregating status updates from a number of sources, including issues that users have registered on its site, was the first company to deliver this kind of information on its platform.

Downdetector is a network monitoring and monitoring service provider. One of the companies that monitors outages is called Downdetector.

SOURCE: Investing

SEE ALSO:

Google Deleting Gmail Accounts: Three Steps to Save Your

Why Brazil Supreme Court Judge Banned X And What Elon Musk Said

Continue Reading

Tech

Google Deleting Gmail Accounts: Three Steps to Save Your

Published

on

Google Deleting Gmail Accounts
Google is tightening the reins on inactive users - File Image

If you haven’t checked your Gmail account in a while, it may not be there for much longer. With billions of Gmail accounts in use, Google is tightening controls on inactive users.

Yes, Google will trash your long-forgotten inbox full of dusty digital cobwebs — but don’t worry, there are a few steps you can do to rescue it, according to Tom’s Guide.

Earlier this year, Google warned customers via email about the dormant Account Policy, which targets accounts that have been dormant for more than two years. If your account has been inactive, it may be permanently destroyed, including with all of the data in Gmail, Google Drive, and Google Photos.

With recent updates and the addition of AI tools, Google is obviously prioritising Gmail efficiency.

It’s no secret that Google has invested much in keeping Gmail as safe as possible for its users.

These initiatives demonstrate Google’s commitment to building a secure email environment in which users can connect with confidence, knowing that their personal information and conversations are well-protected from various online risks such as phishing emails or spam.

Gmail accounts that have been dormant for more than two years are more vulnerable to assaults because they are less likely to have up-to-date security features such as two-factor authentication.

Step 1: send an email.

To avoid having your old Gmail account deleted, you must send an email at least once per two years.

This simple action informs Google that your account is active, ensuring that it does not become a victim of mass deletion.

Step 2: Watch a YouTube video.

To demonstrate that your account is active, use Google services such as sending an email, sharing a photo on Google Photos, or viewing a YouTube video while signed in.

Google views these activities, as well as acts such as using Google Search or Google Drive, as indicators of an active account.

Step 3: Use Google Search.

Using Google Search while logged into your account is another simple approach to show activity and protect your account from termination.

Whether you’re looking for a quick fact, directions, or the most recent news, any search counts as engagement and keeps your account from being marked as inactive.

That is all it takes! Engaging in any of these activities at least once per few years will protect your account from deletion. You can carry out these actions on any device because the policy is linked directly to your account.

If you haven’t accessed your account in a while, conduct a Google Account Security Check-Up. This will allow you to ensure that all necessary security measures are in place to protect your account from potential attacks.

Related News:

Google Introduces Advanced AI Theft Protection for Android Phones

Google Introduces Advanced AI Theft Protection for Android Phones

Continue Reading

Tech

Why Brazil Supreme Court Judge Banned X And What Elon Musk Said

Published

on

elon musk
Elon Musk's X social network banned - Getty Images

Brazil’s telecommunications regulator said on Friday it was banning access to Elon Musk’s X social network, formerly Twitter, in the country to comply with a judge’s decision following a months-long fight with the billionaire investor.

The move comes after X failed to meet a court-imposed deadline on Thursday evening to identify a legal representative in Brazil, resulting in the suspension.

Justice Alexandre de Moraes of the Brazilian Supreme Court and Elon Musk have been feuding in public for months after X failed to comply with legal orders to ban users suspected of spreading “fake news” and hate messages.

X said Moraes threatened to arrest one of the company’s legal agents in Brazil if they did not comply. Elon Musk’s platform had closed all of its Brazil offices owing to what it called “censorship” by the judge, but its service remained open to users in the country.

When does it take effect?

Moraes ordered that the social media giant be taken down immediately in Brazil. Shutting down the messaging network may take hours or days since Anatel must negotiate with telecommunications operators to remove X traffic.

The Supreme Court judge also froze Musk’s Starlink’s financial assets, issuing an order to restrict the accounts of the satellite internet network, which has rapidly expanded its user base in Brazil.

Moraes’ motivation was to cover overdue fines totalling R$18.5 million reais ($3.28 million) that he had previously imposed on X for defying judicial rulings. In response to a post about Starlink accounts being suspended, Elon Musk referred to Moraes as a “dictator” on X.

How will X be shut down?

Under Brazilian internet legislation, social media platforms must have a representative based in the country. The judge stated that corporations that violate Brazilian law may have their operations temporarily halted. Anatel, the regulator, has begun to alert carriers to guarantee they drop X. Users could still get around the blockage by using VPNs.

To close that loophole, Moraes stated that people or corporations attempting to maintain access to the social network in this manner could face a daily fine of up to R$50,000 ($8,909).

What’s Behind Elon Musk’s Feud with a Brazilian Supreme Court Justice?

What’s Behind Elon Musk’s Feud with a Brazilian Supreme Court Justice?

 

 

 

Continue Reading

Download Our App

vornews app

Advertise Here

Volunteering at Soi Dog

Soi Dog

Trending