BRASILIA: Brazil was downgraded by Fitch Ratings, which kept a negative outlook on the nation’s debt, citing a deeper-than-anticipated recession and political instability. Fitch cut the rating by one level to “BB,” in line with ratings from S&P Global Ratings and Moody’s Investors Service. Fitch said the Brazilian economy would contract 3.8 percent this year and rebound by 0.5 percent next year. The government’s debt burden is expected to reach about 80 percent of GDP by next year, one of most indebted sovereigns in the “BB” category, Fitch said.
Bank holiday announced for May 1, 2024
KARACHI: The State Bank of Pakistan (SBP) has officially declared a bank holiday on May 1, 2024. This announcement affects...