report in The Business Recorder,07 Oct 2022
ISLAMABAD: The Finance Ministry on Thursday strongly contested the Moody’s rating action, which it said was carried out unilaterally without prior consultations and meetings with its teams and State Bank of Pakistan (SBP)…..
“The rating action by Moody’s is strongly contested by the Ministry of Finance as the rating action by Moody’s was carried out unilaterally without prior consultations and meetings with our teams from the Ministry of Finance and State Bank of Pakistan,” the statement said.
Following Moody’s intimation of the rating action, the ministry held two meetings with the Moody’s team over the past 24 hours, sharing data and information which clearly show a picture contradicting Moody’s rating action. After a regular stock take of the economic and fiscal conditions, Ministry of Finance informed that government policies over the last few months have helped in fiscal consolidation. It said, the government had adequate liquidity and financing arrangements to meet its external liabilities…..The impression of restructuring of Pakistan’s debt is refuted unequivocally as currently no such proposal is under consideration or is being pursued as has been categorically stated by the Finance Minister.https://www.brecorder.com/news/40201830/finance-ministry-contests-rating-action-by-moodys
