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Pakistan to maintain positive credit rating, Dr Shamshad Akhtar assures Moody’s

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1 year ago

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  • Dr Akhtar spoke about transparency for fostering investor confidence.
  • She also underlines Pak’s commitment to global financial cooperation.
  • Minister is attending World Bank, IMF annual meetings in Morocco.

ISLAMABAD: Caretaker Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar has reiterated Pakistan’s commitment to transparency for fostering investor confidence and maintaining a positive credit rating in global financial markets.

The minister’s remarks came during a meeting held with a high-level delegation of Moody’s, the global financial services company, while she is on a visit to Morocco to attend the World Bank and International Monetary Fund’s annual meeting, The News reported on Monday.

The interim financial minister had earlier underscored the cash-strapped nation’s commitment to further economic prosperity and global financial cooperation.

The minister also participated in a high-profile meeting of the Managing Director International Monetary Fund, Kristalina Georgieva, with the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) finance ministers and state bank governors in Morocco, where the discussions encompassed key global economic issues and collaborative efforts to strengthen financial stability.

Meanwhile, Dr Akhtar met with the Minister of State for Financial Affairs of the United Arab Emirates (UAE) Mohamed bin Hadi Al Hussaini and discussed matters relating to the mutual interests.

The meeting was held on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Morocco.

The discussion focused on further strengthening economic ties between Pakistan and the UAE, exploring avenues for enhanced cooperation in finance and revenue matters, and promoting investment and mutual economic growth.

Both sides expressed optimism about the potential for further collaboration and pledged to continue working together to advance their countries’ economic interests.

Meanwhile, Dr Shamshad Akhtar held a meeting with the S&P Global official, the independent credit ratings agency.

During the meeting, she emphasised the government’s dedication to ensuring financial stability, improving fiscal governance and implementing reforms that will contribute to sustainable economic growth.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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