Chairman of the Exchange Companies Association of Pakistan and Forex Association of Pakistan, Malik Muhammad Bostan, has said that the report by international credit rating agency Moody’s will not only boost the confidence of Pakistani investors but also strengthen it. He added that it is a fact that the country’s economic situation is heading toward stability.
Bostan noted that Moody’s upgrade will increase the value of Letters of Credit (LCs) and bank guarantees, improve the rates of Sukuk (Islamic bonds), and bring overall stability to Pakistan’s economy. As a result, both local and foreign investors will gradually begin to make new investments.
He further expressed satisfaction that positive news is emerging for the Pakistani economy, such as the increase in tariffs on India, the Pakistan-U.S. trade agreement, and favorable reports from international institutions, all of which will support the national economy.
He emphasized the need for the government to now ensure the implementation of economic reforms, and to reduce interest rates and electricity tariffs to support sustainable growth.
Malik Bostan also highlighted the recent improvement in the value of the rupee, attributing it to the efforts of Field Marshal Syed Asim Munir in cracking down on hoarding and black marketing. He said that, under the directives of the Field Marshal, a special task force was formed, which actively carried out operations, leading to the arrest of several individuals involved in currency hoarding.
He added that Field Marshal Syed Asim Munir took large-scale action against dollar smuggling and hoarding, which played a significant role in stabilizing the rupee.
Referring to the credit rating, Bostan said that Pakistan’s upgrade from CAA2 to CAA1 is a positive sign of the country’s move toward national stability. He noted that international rating agencies are now showing improved expectations for Pakistan, and that the trade agreement with the U.S. is opening up new opportunities for exports, which Pakistan must fully capitalize on.
Malik Bostan concluded by saying that Moody’s report sends a clear message to the world that Pakistan is moving firmly toward economic strength, and credit for this progress goes to Field Marshal Syed Asim Munir and the current government.
