Finance Minister Muhammad Aurangzeb met with representatives of Moody’s Ratings on the sidelines of the International Monetary Fund–World Bank meetings in Bangkok to discuss Pakistan’s economic outlook and the prospects for a further sovereign rating upgrade, the Finance Ministry said Wednesday.
According to a ministry statement, the discussions covered the country’s recent rating upgrade, improved fiscal and external indicators, and renewed access to international capital markets. Aurangzeb outlined efforts to replace costly, short-term debt with longer-maturity financing without increasing the external debt stock.
The delegation highlighted rising foreign exchange reserves, a contained current account deficit, and reduced State Bank forward liabilities. Aurangzeb reaffirmed the government’s commitment to structural reforms and sustainable, export-led growth beyond the IMF program.
He also sought Moody’s views on achieving a stronger rating and on striking the right balance between political risk and economic performance in its assessments.
Earlier this month, Aurangzeb said Pakistan was expected to be upgraded to a “B+” sovereign credit rating by the first quarter (July–September) of the next fiscal year, 2027–28, by global rating agencies.
Pakistan has been rated “B” with a stable outlook since July 2026 by S&P Global Ratings, while Moody’s raised Pakistan’s credit rating to “B3” from “Caa1” with a stable outlook in August 2026.
In a separate meeting with Dr. Abdulhamid Alkhalifa, president of the OPEC Fund for International Development, the finance minister highlighted Pakistan’s economic stabilization, progress under the IMF program, and renewed access to international capital markets.
He appreciated the fund’s willingness to expand trade and project financing support for Pakistan.
Discussions covered M6 motorway financing, including the approved first tranche, the pending loan agreement, and subsequent tranches. The talks also identified the ML-1 railway modernization and power transmission infrastructure as key priorities.
Both sides emphasized faster approvals and stronger coordination to ensure timely project delivery, while also discussing regional peace and stability.
The finance minister thanked Alkhalifa for the invitation to visit the fund, with the possibility of signing the project agreement during the visit.
