Moody’s has upgraded Pakistan’s credit rating from Caa2 to Caa1, citing improvements in the country’s external financial position. The international credit rating agency also changed the outlook to stable.
According to Moody’s, the upgrade reflects better financial stability in line with Pakistan’s ongoing International Monetary Fund (IMF) program. The agency noted progress in strengthening reserves, improving fiscal discipline, and supporting economic recovery.
Prime Minister Shehbaz Sharif welcomed the development, linking it to the government’s recent economic achievements. He said Pakistani exports reached $2.7 billion in the first month of the new fiscal year. This marks a 17% rise compared to the same month last year, with a 9% increase from the previous month alone.
The Prime Minister stated that export-led growth remains the government’s top priority. He credited prudent economic policies for pushing indicators in a positive direction. The government, he added, is focusing on boosting exports, attracting investment, and creating a business-friendly environment.
Sharif also highlighted reforms in customs procedures, including the implementation of a faceless assessment system to improve port operations. Additionally, he pointed to a healthy increase in the tax-to-GDP ratio as a sign of fiscal improvement.
Economic analysts say the credit rating upgrade could reduce Pakistan’s borrowing costs and improve investor confidence. It also follows recent positive moves by other global rating agencies, which have signaled cautious optimism over Pakistan’s economic trajectory.
While challenges remain, such as inflation control and debt management, the upgrade is seen as a step forward in restoring Pakistan’s position in international financial markets.
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