Pakistan hopeful of further boost in country’s global ratings

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has expressed optimism regarding further improvement in Pakistan’s ratings from international agencies, reported 24NewsHD TV channel on Saturday.

During a meeting with officials from Fitch Ratings in Washington D.C on Friday, Aurangzeb thanked the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, and expressed satisfaction that all three major agencies were now aligned in their assessments.

The minister highlighted the government’s continued efforts toward privatization and diversification of financing through Panda Bonds.

Meeting with WB chief Banga

In a significant meeting with President of the World Bank Ajay Banga, the Finance Minister briefed on the Government’s flood response and appreciated the Bank’s support following the completion of the post-flood damage assessment.

He endorsed the proposal of utilizing technology platforms and cooperatives to reach small farmers and thanked the World Bank for its technical assistance in developing Pakistan’s tariff policy.

He also apprised the President of the Memoranda of Understanding signed with provinces for the implementation of the Country Partnership Framework (CPF).

Both sides also discussed adopting a holistic approach to reforms in the gas and power sectors.

Meeting with UK minister

The Finance Minister also met with UK Minister for International Development and Africa Baroness Jenny Chapman, and expressed appreciation for the United Kingdom’s longstanding development partnership with Pakistan.

He acknowledged the UK’s continued support for the development of the Digital Dashboard and underscored the importance of greater stakeholder consultation in project selection and implementation, as well as enhanced visibility for off-budget initiatives.

Meeting with DIB CEO

In his meeting with Group CEO of Dubai Islamic Bank (DIB) Dr Adnan Chilwan, the Finance Minister reaffirmed Pakistan’s focus on diversifying its funding mix across US dollar, Panda and Sukuk markets.

Meeting with TCX delegation

Aurangzeb also met with the delegation of The Currency Exchange Fund led by its Chief Investment Officer and Deputy CEO, Othman Boukrami, in Washington D.C on Friday.

During the meeting, the Finance Minister informed the delegation that Pakistan aims to extend the maturity profile of both its domestic and external debt portfolios to mitigate refinancing and interest rate risks.

He also briefed the team on ongoing efforts to access International Capital Markets through the planned issuance of Panda Bonds, Eurobonds, and International Sukuk.

The Minister was briefed on TCX's operations focused on providing financing solutions in local currencies rather than in U.S dollars. He welcomed TCX's engagement to support Pakistan in developing mechanisms for local currency loan hedging.

The Finance Minister assured the TCX team of a detailed follow-up on the proposals submitted to the Ministry of Finance to enhance future cooperation.

Reporter Waqas Azeem