Dar not pleased with Moody’s downgraded rating for Pakistan

ISLAMABAD: Expressing his displeasure over Moody’s Investor Service for downgrading Pakistan’s sovereign credit rating, Finance Minister Ishaq Dar Friday said he discussed the matter with the credit rating agency.

A day earlier, the agency had cut Pakistan’s sovereign credit rating by one notch to Caa1 from B3 after seven years, citing increased government liquidity and external vulnerability risks.

“The floods have exacerbated Pakistan's liquidity and external credit weaknesses and vastly increased social spending needs, while government revenue is severely hit,” a statement issued by the international body read.

Reacting to the statement, Dar said that he would give a “befitting” reply in a meeting with its officials next week if the agency did not reverse the downgrade of Pakistan’s sovereign credit rating.

Lashing out at the PTI-led's past government, the finance minister said,” Shame on those who brought the economy to this point.”

“Lies and cheap actions should be stopped now,” he added.

Talking to journalists outside the accountability court, Dar said the local currency is gaining ground against the US dollar, adding that no one will be allowed to play with the people. He urged the political parties not to do politics on economy.

Referring to the cases lodged against him, the finance minister said that taking political revenge is not a problem in the country. He maintained that fake cases were lodged against him.

Speaking on the occasion, the finance minister said that they put the country’s economy in the right direction amid difficult times.

“We will try our best to serve the nation,” he added.

He reiterated that dollar’s value had been increased artificially and vowed that they will bring it below Rs200.

“We are paying the price of the worst economic policies adopted by the past government," he added.