WASHINGTON:
The Federal Minister of Finance and Income, Senator Muhammad Aurengzeb, met with the Fitch grades team in Washington, DC, regardless of spring meetings of the Monetary Bank of the International Monetary Fund.
According to a press release published on Friday, the Minister of Finance expressed his gratitude for Fitch’s qualifications for improving the sovereign credit qualification of Pakistan of CCC+ A B-, describing it as a reflection of the macroeconomic perspective and fiscal discipline. He explained that this positive review would pave the way for the return of Pakistan to international financial markets.
During the meeting, Aurengzeb also updated the Fitch team on the Government Structural Reform Agenda, especially in the areas of Energy, Taxes, State Companies (SOE), Public Finance and Debt Management. The commitment included detailed responses to Fitch consultations regarding continuous tariff reforms, the improvements of the tax administration and the broader strategies of income mobilization.
At the same margin, the Minister of Finance met with representatives of Moody’s, where he reiterated the government’s commitment to an agenda of structural reform aimed at ensuring that Pakistan is firmly established in the trajectory of long -term economic stability. He cited positive economic indicators that include low inflation, current and primary surpluses of the account, exchange rate stability and records of remittance remittances of remittances such as evidence of Pakistan’s constant economic position.
Aurengzeb highlighted a comprehensive fiscal reform initiative currently currently in progress, aimed at expanding and deepening the tax base through improved processes, technology integration and personnel development. With regard to tariff reforms, he expressed the preparation of the government to participate constructively with the administration of the United States.
In another significant commitment, the Minister of Finance met with Jihad Azour, director of Middle East and Central Asia in the International Monetary Fund (IMF). He reiterated Pakistan’s commitment to maintain the direction of the reforms and take advantage of the achievements of the last eighteen months.
According to the statement, Aurengzeb described the update of Fitch’s credit rating as an external validation of the success of the reform program, and a critical impulse for the confidence of investors in Pakistan’s economic trajectory.
Speaking in the vulnerable ministerial dialogue 20 (V20) about “enabling climate prosperity,” Aurangzeb also described Pakistan’s climate financial strategy. He said the country was working on a climate prosperity plan and had reached an agreement at the personnel with the IMF in a new RSF agreement.
