PAKISTAN WELCOMES MOODY’S REAFFIRMATION OF ITS CREDIT PROFILE AS B3 STABLE - Pakistan News Digest

PAKISTAN WELCOMES MOODY’S REAFFIRMATION OF ITS CREDIT PROFILE AS B3 STABLE

ISLAMABAD, Pakistan May 22 (NNN-Xinhua) -- Pakistan on Monday welcomed the reaffirmation of the country's sovereign rating by the Moody's Investors Service, one of the world's top credit rating agencies, which reaffirmed Pakistan's credit profile as B3 stable.

Moody's credit analysis also highlighted the greater transparency which Pakistan has achieved in its economic field besides keeping inflationary pressure to low levels and investing heavily in the energy and infrastructure sectors under the China-Pakistan Economic Corridor (CPEC).

"The stable outlook reflects the country's potential to further strengthen its growth beyond current levels with successful implementation of CPEC projects, cashing in on both foreign and domestic investments, continued robust activity of large scale manufacturing and a rebounding agriculture sector all of which would aid Pakistan to shift to a higher growth trajectory on sustained basis," the Finance Ministry here said in a statement.

"It shows that Pakistan's economy, despite challenges, is on a stable path to a higher growth trajectory," the statement said.

"The reaffirmation is based on the country's strong growth performance and potential, a relatively large economy and the sustained reforms program undertaken by the government in the last five years," the ministry said in response to the Moody's assessment.

Pakistan enjoyed better GDP growth among its peers with 5.8 percent growth in fiscal 2018, as compared to the median 2017 growth of 3.8 percent among B rated sovereigns.

The report has also referred to implementation of structural reforms and the fiscal discipline achieved by the country in recent years. -- NNN-XINHUA

Source: NAM NEWS NETWORK

   

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