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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

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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3 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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