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Arab News
15 hours ago
- Business
- Arab News
Pakistan inflation inches up 3.5% year-on-year in May 2025
ISLAMABAD: Pakistan's annual inflation rate rose to 3.5% in May, higher than the April 2025 reading of 0.3%, data from the statistics bureau showed on Monday. On a month-on-month basis, inflation decreased by 0.2% in May 2025, as compared to a decrease of 0.8% in the previous month and a decrease of 3.2% in May 2024. The CPI inflation average during 11MFY25 stood at 4.61 percent, compared to 24.52% in 11MFY24. Inflation has cooled significantly, easing from 37.97% in May 2023. The CPI reading is higher than the government's expectations. In its monthly economic report released last week, the finance ministry expected inflation to ease to between 1.5% and 2% year-on-year in May, before picking up to 3%-4% in June. 'Improved weather conditions, better crop yields and a stable exchange rate have helped reduce inflation to a historical low,' the finance ministry report had said, adding that 'inflation is projected to remain between 1.5-2.0% in May, with a possible rise to 3.0-4.0 percent by June 2025.' The latest CPI reading was also higher than projections made by several brokerage houses. JS Global projected Pakistan's headline inflation to inch up to 2.7% in May. 'Pakistan's CPI is expected to clock in at 2.7 percent for May. The base effect is now fading, signaling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%,' JS Global had said in a report. Last month, the State Bank of Pakistan cut the key interest rate by 100 basis points (bps) to 11%, the lowest policy rate since March 2022 (9.75%). The central bank has cut the rate by 1,100 bps since June from an all-time high of 22%.
Reuters
3 days ago
- Business
- Reuters
Moody's maintains 'Ca' rating on Ukraine as effects of war continue
May 30 (Reuters) - Credit ratings agency Moody's affirmed Ukraine's 'Ca' rating on Friday, citing the long-lasting impact of the war with Russia on its economy and finances, as well as uncertainties over peace negotiations with Moscow. "Growth prospects remain subdued as challenging security conditions, labour shortages and attacks on energy infrastructure continue," Moody's said, maintaining its outlook for Ukraine at stable. The ratings agency on its website, opens new tab defines 'Ca' rating obligations as "highly speculative and are likely in, or very near, default, with some prospect of recovery in principal and interest". On Friday, Ukraine's finance ministry said it would not be paying more than half a billion dollars due to holders of its GDP warrants, marking the first payment default since it created the instruments. Kyiv also resisted U.S. and Russian pressure to commit to attending another round of peace talks on June 2, saying it first needed to see Russian proposals. Ukraine's economy cratered after Russia's full-scale invasion in 2022, falling close to 30%. Although it staged modest growth in 2023 and 2024, its gross domestic product (GDP) remains below the pre-war level as it extensively restructures its debt. Moody's forecast Ukraine's GDP growth to slow to 2.5% in 2025 from 2.9% in 2024, adding that it expects economic growth to remain "subdued" in 2026 and 2027. Rival ratings agency Fitch last week affirmed Ukraine's long-term foreign currency sovereign credit rating at "Restricted Default", as the nation continues to navigate diplomatic tensions and a significant erosion of its finances.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Brics approves climate finance framework, crafting a joint position for the first time
The Brics economic bloc approved its first joint climate finance framework on Thursday, the group's most coordinated effort to date on funding climate action and setting the stage for a shared position – a first for the group – ahead of Cop30 in Brazil. The nonbinding framework – agreed during a high-level meeting on climate change and sustainable development – outlines Brics priorities including the reform of multilateral development banks, the scaling up of concessional finance and the mobilising of private capital to support climate efforts in the Global South. The document will be submitted to Brics heads of state at their July meeting. Cop30, the 30th session of the Conference of the Parties, the latest United Nations climate change summit, is scheduled for November in Belem, Brazil. 'For the first time, there will be a document that guides a common and collective Brics action in the area of climate finance – involving, for example, reforms of multilateral banks, more concessional finance, and also the mobilisation of private capital and regulatory matters to ensure that flows can reach developing countries,' said Tatiana Rosito, the international affairs secretary at Brazil's finance ministry. In a statement, the Brazilian presidency said that the bloc's latest climate effort reflected a shift from defensive posturing to proactive coordination in international negotiations. Although this marks Brics' first formal initiative as a negotiations bloc on climate finance, its core members – Brazil, Russia, India, China and South Africa – have coordinated informally for years.
Reuters
7 days ago
- Business
- Reuters
Oman's first quarter budget revenue down falls as oil income drops
CAIRO, May 27 (Reuters) - Oman's overall budget revenue fell 7% year-on-year to 2.635 billion Omani rials ($6.85 billion) in the first quarter of 2025 as oil revenue dropped, Oman's state news agency reported on Tuesday, citing data from the finance ministry. Oil revenue for the OPEC+ member was down 13% at 1.468 billion rials in the first three months of the year, from 1.688 billion rials in the first quarter of 2024, with gas revenue down 2% to 436 million riyals. Public spending rose 4% to 2.771 billion rials from a year earlier, according to the state news agency. The sultanate's public debt eased to 14.3 billion rials from 15.3 billion rials. The finance ministry paid more than 304 million riyals in arrears to the private sector during the quater. ($1 = 0.3850 Omani rials)
Bloomberg
7 days ago
- Business
- Bloomberg
Japan's Super-Long Bond Yields Slide on Unusual MOF Move
Japan's super-long bond yields slid sharply after the finance ministry sounded out market participants on appropriate issuance amounts following a recent slump in the nation's sovereign debt. In a move that was seen as unusual because of its timing and the wide group of people contacted, the Japanese ministry sent a questionnaire to participants that also asked for comments on the current market situation, said people familiar with the situation. Bloomberg's Brian Fowler reports. (Source: Bloomberg)
