Pakistan’s most destructive floods are a “temporary setback” and won’t have a bearing on the nation’s credit rating, Standard & Poor’s said even as the government predicted the disaster will hurt growth.
Nawaz Sharif was headed for a record third term as prime minister of Pakistan as unofficial results from a landmark election gave him the convincing win he sought to tackle a slumping economy and growing militancy.
Indonesia’s surprise interest-rate increase yesterday boosted the rupiah, stemming the currency’s biggest monthly decline in almost five years. To drive a sustained revival, the government needs to curb the country’s record current-account gap.
Pakistan’s government is bracing for criticism when it sells a planned record amount of state assets as Mian Mohammad Mansha, a tycoon linked by the opposition to the ruling party, warns he may be a bidder.
The Philippines’ debt rating was raised to the highest level since 2003 by Standard & Poor’s, taking President Benigno Aquino nearer his goal of attaining investment grade and spurring gains in bonds and the peso.