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NewsDaily

Govt reduces debt rollover risk Pakistan has met the International Monetary Fund (IMF) condition of increasing the maturity profile of its debt through retiring the short-term borrowing and the government also hopes to strike a $1 billion foreign commercial loan deal in April. The development came hot on the heels of some improvement in debt indicators, including the expected slowdown in the pace of debt accumulation to single digits after a long time. The debt office, which now directly reports to the finance secretary, has taken certain initiatives to reduce interest rate and debt refinancing risks. Against the IMF's condition of increasing the current average maturity time of debt from two years and eight months, the Finance Division managed to increase it to three years and three months by December, according to data compiled for the IMF review starting from Monday. The first formal programme review talks between Pakistan and the IMF will begin on March 3 and will continue til...
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daily check

·   GoP has reportedly finalized a PkR1.25tn borrowing agreement with commercial banks aiming to reduce the power circular debt burden. ·   The freshly acquired debt will be allocated towards: i) refinancing of PkR683bn PHPL liabilities, ii) PkR280bn to nuclear plants, iii) PkR220bn to LNG based plans, and iv) PkR5bn to state-owned power plants. ·   We anticipate authorities to amass annual savings of PkR220bn through this restructuring exercise. Authorities moving to settle power circular debt: GoP has reportedly finalized a PkR1.25tn borrowing agreement with commercial banks at financing rate of ~10.8% (KIBOR – 1%) aiming to reduce the power circular debt burden, as per newsflows. The initiative is part of a broader three-part strategy to eliminate PkR2.4tn in outstanding liabilities through fresh borrowing, budgetary allocations, and the already renegotiated IPP contracts. The restructuring plan is expected to provide fiscal relief by replacing higher-cost PHPL loans/p...
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LESSON 1: STANDARD 1: PROFESSIONALISM Knowledge of the Law B. Independence and Objectivity c. Misrepresentation D. Misconduct LOS 3a: Demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity. vol 1, pp 55-208 LOS 3b: Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards. vol 1, pp 55-208 LOS 3c: Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.vol 1, pp 55-208 Standard I(A): Knowledge of the Law The Standard Members and candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their profe...
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