Choice of Punjab leader irks former PM Sharif

ECONOMY

Concern that the country’s growing economic problems face neglect has alarmed international investors and pushed the Pakistani rupee to record lows against the US dollar.

Credit rating agency Standard & Poor’s on Thursday downgraded Pakistan’s sovereign debt, citing the country’s yawning budget and trade deficits and slowing foreign investment.

“The emergence of a stable, cohesive and effective political environment needed to tackle mounting macroeconomic imbalances doesn’t seem to be at hand,” said Agost Benard, an analyst at Standard and Poor’s.