Finance Minister Muhammad Aurangzeb met with Moody’s on the sidelines of the IMF-World Bank meetings in Bangkok to discuss the country’s economic outlook and prospects for a further sovereign rating upgrade, the finance ministry said on Wednesday.
According to a statement, discussions covered the recent rating upgrade, improved fiscal and external indicators, and renewed access to international capital markets. The finance minister 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 commitment to structural reforms and sustainable, export-led growth beyond the IMF programme.
He also sought Moody’s views on achieving a stronger rating and striking the right balance between political risk and economic performance in its assessments.
Earlier this month, Aurangzeb said that Pakistan was expected to be upgraded to a ‘B+’ sovereign credit rating by the first quarter (Jul–Sep) of the next fiscal year 2027-28 by global agencies.
Pakistan has been rated at ‘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 stabilisation, progress under the IMF programme 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 discussions also identified the ML-1 railway modernisation and power transmission infrastructure as key priorities.
Both sides emphasised faster approvals and stronger coordination to ensure timely project delivery, while also discussing regional peace and stability.
The finance minister thanked Dr Alkhalifa for the invitation to visit the Fund, with the possibility of signing the project agreement during the visit.