Pakistan’s credit rating is rising: Mian Zahid Hussain

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Saturday that the actions of Prime Minister Shahbaz Sharif have sent a positive message to international organisations and investors. The PM has taken many steps in the right direction; therefore, he said the views of investors and lenders are changing about Pakistan. Mian Zahid Hussain said that the Prime Minister has announced to avoid vindictive politics and take everyone along, which has gone down very well in the concerned quarters.

Talking to the business community, the veteran business leader said that after taking the oath, the PM met with his economic team. Some important decisions were made, including negotiations with the IMF, which positively influenced local investors and international institutions. 

The business leader said that the international community is now waiting to know when the reform process will start in Pakistan and its speed. The IMF has asked Pakistan to present a plan to bring two million retailers into the tax net. After the formation of the new government, the value of Pakistani bonds and its credit rating have improved. 

Mian Zahid Hussain said it would have been better if a party had bagged a clear majority in the elections, as it would have improved the pace of economic revival. 

He informed that foreign institutions and investors do not favour the government formed with the help of allies and consider it an obstacle to political stability.

Mian Zahid Hussain said that international organisations think that if the coalition government makes the right decisions and signs an agreement with the IMF, it may be easier to implement reforms as intended. He further said that after Prime Minister Shahbaz Sharif assumed power, credit rating agencies, various international organisations, and significant banks issued short notes about Pakistan.

These institutions have informed the investors that the political situation in Pakistan is improving, but there are still some concerns. All the institutions are monitoring the cabinet selection and believe the fear of the country’s bankruptcy has been reduced. He said that the government should take all necessary steps, get rid of the loss-making institutions to save losses of billions of rupees per year to restore the reputation of Pakistan and improve its credit rating. 

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