During a meeting about the nation’s economic development and investment strategies, Prime Minister Shehbaz Sharif expressed his satisfaction with Moody’s decision to upgrade Pakistan’s credit rating. He attributed this achievement to the hard work of the economic team and the blessings of the Almighty.
Moody’s upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3, citing improvements in macroeconomic conditions. The agency also improved the rating for the senior unsecured MTN programme to (P)Caa2 from (P)Caa3 and changed the outlook for the Government of Pakistan to positive from stable.
The prime minister emphasized in his previous term that Pakistan’s economy was rescued from the brink of default by prioritizing the country’s needs over political considerations. He expressed satisfaction that, after stabilization, the economy is now on a path of progress and development.
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Prime Minister Sharif commended the finance minister and his team for their significant progress in improving the overall economic situation. He also noted that the interest shown by friendly countries in investing billions of rupees across various sectors is a result of the government’s business and investment-friendly policies.
During the meeting, the prime minister was briefed on the improvement in Pakistan’s rating by Moody’s, progress on investment agreements with friendly countries, and ongoing projects. He also received updates on the progress of projects under the second phase of the China-Pakistan Economic Corridor (CPEC).
The prime minister directed that transparency should be a key priority in all projects and that their implementation should be ensured on a priority basis.
