ECO | MCQs

Explanation

Fitch Ratings upgraded Pakistan's credit rating from 'CCC+' to 'B-' in April 2025, citing several key factors:

• Improved Fiscal Discipline: The government's efforts to narrow budget deficits and implement structural reforms under the IMF program contributed to the upgrade.

• Structural Reforms: Pakistan's commitment to implementing structural reforms, including agricultural tax legislation and fiscal consolidation measures, was recognized by Fitch.

• Economic Indicators: Positive economic indicators, such as a reduction in the government debt-to-GDP ratio and improved fiscal performance, supported the rating upgrade.

Explanation

• HBL Bank gave a loan to Pakistan for its first budget
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• HBL was the first commercial bank to be established in Pakistan in 1947
• HBL has a major market share in loans to small industries, traders, and farmers. 
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• HBL moved its operations to Pakistan in 1947 at the request of Muhammad Ali Jinnah, hence becoming the first commercial bank to lay its foundation in the country

Explanation

Deficit means خسارہ

Shortfall means کمی

Explanation

• Das Kapital is also known as Capital: A Critique of Political Economy or sometimes simply Capital.
• Das Capital book written by Karl Marx.

Explanation

The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries.

It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.

Explanation

Adam Smith, an 18th-century Scottish philosopher.

He is considered the father of modern economics.

He is most famous for his work, "The Wealth of Nations".

It published on 9 March 1776, during the Scottish Enlightenment and the Scottish Agricultural Revolution.

Explanation

The International Monetary Fund (IMF) is a major financial agency of the United Nations and an international financial institution

IMF founded: 27 December 1945

IMF headquarters: Washington, USA

IMF total members: 190

IMF official language: English

Explanation

APEC stands for The Asia-Pacific Economic Cooperation

APEC is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. 

Headquarters: Singapore

Founded: November 1989, Canberra, Australia

Founder: Bob Hawke

Explanation

• Know everything about BRICS: 
• BRICS founded: June 2009
  
• BRICS Member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates
  
• BRICS total members: 10 
• South Africa joined BRICS: 2010
• BRICS headquarters: Shanghai, China
• BRICS first conference hosted by: Russia (2009) 

Explanation

ECO founders: Turkey, Iran & Pakistan

Member states: 

10 members

1 observer ( Northern Cyprus)

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ECO 10 Member state :

1Türkiye,

2 Iran

3 Pakistan 

4 Afghanistan

5 Azerbaijan

6 Kazakhstan

7 Kyrgyz Republic

8 Uzbekistan

9 Tajikistan

10 Turkmenistan

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ECO stands for Economic Cooperation Organization 

Date of Establishment: 1985.

Headquarters: Tehran, the Islamic Republic of Iran.

Official languages: English

currency: Currency

10 currencies

Afghanistan Afghani (AFN)

Turkey Lira (TRY)

Azerbaijan Manat (AZN)