Moody's upgrades Pakistan's credit rating

Moody’s raised Pakistan’s credit rating by one notch to ’Caa1’ from ’Caa2’ on Wednesday, citing improvements in the country’s external position.

The credit rating agency also assigned a ’stable’ outlook to Pakistan’s rating.

The upgrade reflects Islamabad’s strengthening financial situation in line with the current International Monetary Fund (IMF) program, according to Moody’s assessment.

Earlier, Prime Minister Shehbaz Sharif expressed satisfaction over Pakistani exports reaching 2.7 billion dollars in the first month of the new fiscal year.

In a statement, he said the country’s exports have witnessed an increase of 17 per cent from July last year to July this year, while nine per cent increase within just one month is a highly welcoming sign for country’s economy.

Read more: Moody’s cuts Pakistan’s rating to Caa1

The Prime Minister said export-led growth is the topmost priority of the government.

He said government’s prudent economic policies and efforts are paying off as economic indicators are moving in the right direction.

The Prime Minister lauded the efforts of government’s economic team, and said government is striving to increase exports, promote investment and promote a business-friendly environment.

He said the implementation of faceless customs assessment system is further improving port operations while increase in ratio of tax collection to GDP is satisfactory for the government.