Premier Says Moody’s Upgrade Reflects Economic Recovery
Prime Minister Shehbaz Sharif Welcomes Moody’s Credit Rating Upgrade as a Sign of Economic Recovery
ISLAMABAD:
Prime Minister Shehbaz Sharif expressed his approval and satisfaction on Wednesday regarding Moody’s recent upgrade of Pakistan’s credit rating. The Prime Minister attributed this positive development to the dedicated efforts of the economic team and the blessings of the Almighty.
Moody’s Investors Service upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings from Caa3 to Caa2, a move announced in a statement on Tuesday. This adjustment reflects improvements in Pakistan’s macroeconomic conditions, government liquidity, and external positions. Alongside this upgrade, Moody’s also revised the outlook for Pakistan from stable to positive.
The Caa2 rating upgrade signifies progress from previously weak economic conditions, underscoring the country’s efforts in stabilizing and enhancing its economic situation. In addition, the senior unsecured Medium-Term Note (MTN) programme rating was upgraded to (P)Caa2 from (P)Caa3.
During a review meeting on the nation’s economic development and investment strategies, Prime Minister Sharif reflected on how Pakistan’s economy had been on the verge of default. He emphasized that his previous administration’s focus on national needs over political gains played a crucial role in stabilizing the economy. He expressed satisfaction that, following this stabilization, the economy is now advancing towards progress and development.
The Prime Minister pointed out that the Moody’s rating upgrade serves as an international endorsement of the government’s economic policies. He expressed optimism that this positive trajectory would continue, helping Pakistan to further improve its economic standing.
In his remarks, Prime Minister Sharif praised the Finance Minister and his team for their significant contributions to improving the economic landscape. He highlighted that the interest shown by friendly countries in investing billions of rupees in various sectors is a testament to the government’s business-friendly and investment-oriented policies.
He stressed that any delays in implementing investment projects from these countries would not be tolerated. Consequently, he instructed all ministers and relevant institutions to expedite progress on these proposed initiatives. The Prime Minister emphasized that Pakistan presents considerable investment opportunities in sectors such as information technology, agriculture, minerals and precious stones, and energy. He noted that foreign investment in these areas would not only enhance domestic exports but also create employment opportunities for millions of young people.
During the meeting, the Prime Minister was briefed on the Moody’s rating upgrade, the progress on investment agreements with friendly countries, and ongoing projects. Updates were also provided on the second phase of the China-Pakistan Economic Corridor (CPEC) projects.
Prime Minister Sharif directed that transparency should be prioritized in all projects and that their implementation should be expedited. The meeting was attended by a range of high-level officials, including Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Jam Kamal Khan, Ahad Khan Cheema, Ahsan Iqbal, Muhammad Aurangzeb, Attaullah Tarar, Sardar Owais Khan Leghari, Dr. Musadik Malik, and Abdul Aleem Khan. Additionally, Ministers of State Ali Pervaiz Malik and Shaza Fatima Khawaja, Deputy Chairman of the Planning Commission Jehanzeb Khan, Prime Minister’s Coordinator Rana Ihsaan Afzal Khan, and other senior officials were present.