Re: Moody’s Upgrades Pak Rating as Sharif Improves Finances
Some positive news .Karachi Stock Exchange is also about to cross 35,000 index.
**BLOOMBERG
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by Jeanette Rodrigues
June 12, 2015 — 8:10 AM PKT
Moody’s Investors Service upgraded Pakistan’s sovereign credit ratings for the first time since 2008 citing improving foreign-exchange reserves and the government’s economic overhaul under an IMF program
“With the program now at its mid-point, we consider that the government has achieved significant traction in reforms,” analyst Anushka Shah wrote in a statement on Thursday. “Continued commitment to the program would entail, amongst other goals, the government meeting deficit-reduction targets.”
Moody’s raised Pakistan’s foreign currency issuer and senior unsecured bond ratings to **B3 from CAA1 **with a stable outlook.
A stalling of the International Monetary Fund program, or other bilateral support, or a more unstable political environment, will be credit negative, the company said.
“This upgrade will get Pakistan bonds better offers at the international bond-sale” expected this year, Yawar Uz-Zaman, vice president for research at Shajar Capital Pakistan Pvt. in Karachi, said by phone. “This is a confidence booster.”
In its budget announced June 5, Prime Minister Nawaz Sharif’s administration said it will increase its capital gains tax to boost revenue and raise economic growth to the highest in nine years. He’s aiming to meet goals under a $6.6 billion IMF loan deal.
One suggestion…why dont you open all these posts under 1 thread which focuses on PMLN achievements unless there is a certain achievement that requires a separate thread. dont want this forum to become mouth piece of one particular party…same message to all other party-lovers as well.
thx