FinMin meets global rating agencies' teams, IMF
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Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with the Fitch Ratings team in Washington, DC, on the sidelines of the International Monetary Fund-World Bank Spring Meetings.
According to a press statement released on Friday, the finance minister expressed gratitude to Fitch Ratings for upgrading Pakistan's sovereign credit rating from CCC+ to B-, describing it as a reflection of the country's improving macroeconomic outlook and fiscal discipline. He explained that this positive revision would pave the way for Pakistan's return to international financial markets.
During the meeting, Aurangzeb also updated the Fitch team on the government's structural reform agenda, especially in the areas of energy, taxation, State-Owned Enterprises (SOEs), public finance, and debt management. The engagement included detailed responses to Fitch's inquiries regarding ongoing tariff reforms, tax administration improvements, and broader revenue mobilisation strategies.
On the same sidelines, the finance minister met with representatives from Moody's, where he reiterated the government's commitment to a structural reform agenda aimed at ensuring Pakistan is firmly set on the trajectory of long-term economic stability. He cited positive economic indicators including low inflation, current and primary account surpluses, exchange rate stability, and record-high remittance inflows as evidence of Pakistan's steady economic footing.
Aurangzeb highlighted a comprehensive tax reform initiative currently underway, aimed at expanding and deepening the tax base through improved processes, technology integration, and personnel development. Regarding tariff reforms, he expressed the government's readiness to engage constructively with the United States administration.
In another significant engagement, the finance minister met with Jihad Azour, Director for the Middle East and Central Asia at the International Monetary Fund (IMF). He reiterated Pakistan's commitment to stay the course on reforms and to build on the achievements of the past eighteen months.
As per the statement, Aurangzeb described the credit rating upgrade by Fitch as an external validation of the reform programme's success, and a critical boost to investor confidence in Pakistan's economic trajectory.
Speaking at the Vulnerable 20 (V20) Ministerial Dialogue on "Enabling Climate Prosperity," Aurangzeb also outlined Pakistan's Climate Financial Strategy. He said the country was working on a Climate Prosperity Plan and had reached a staff-level agreement with the IMF on a new RSF arrangement.
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