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China lent Pakistan further 700 million dollars to shore up Forex reserves. [49] Pakistan's Consumer price index (CPI) further jumped to 31.5%, the highest annual rate in 50 years. [50] Also Fitch downgrades Pak's sovereign credit rating from CCC+ to CCC-. The New York-based ratings agency warned that a default could be a "real possibility". [51]
Following the international credit crisis and spikes in crude oil prices, Pakistan's economy could not withstand the pressure, and on 11 October 2008, the State Bank of Pakistan reported that the country's foreign exchange reserves had gone down by $571.9 million to $7,749.7 million. [64]
The transfer of power took place on 15 August. The Quaid gave a reply to the address in the House, on which the principles of the State of Pakistan were laid. On 15 August 1947, Quaid-i-Azam was sworn in as the first Governor General of Pakistan. Sir Mian Abdul Rashid, Chief Justice of Pakistan, administered an oath of office from him. The ...
Year Portrait Laureate Subject Rationale 1979 Abdus Salam: Physics Awarded jointly to Sheldon Glashow, Abdus Salam and Steven Weinberg – "for their contributions to the theory of the unified weak and electromagnetic interaction between elementary particles, including, inter alia, the prediction of the weak neutral current" [2] [3]