Pakistan seeks Fitch's assessment for BB sovereign rating

Business Recorder reported that Pakistan has asked Fitch Ratings to outline what it would take to move up into the BB sovereign rating band. The request came during a meeting between Finance Minister Muhammad Aurangzeb, the State Bank of Pakistan Governor and the agency on the sidelines of the World Bank Group and IMF Annual Meetings in Bangkok. According to a statement, the discussions covered Pakistan's economic performance and its sovereign credit outlook.

Aurangzeb also talked about commercial and investment ties with the United States during the talks. Earlier, he had met Moody's to discuss the economic outlook and the prospects for a further rating upgrade. He cited the return to international capital markets, tighter public finances and primary surpluses that have held up over time. He also described inflation patterns, monetary policy settings, currency stability and a current account deficit kept under control.

In a separate meeting, Aurangzeb met Randeep Sarai, Canada's Secretary of State for International Development, and pressed for progress on an investment protection agreement. Both sides explored agriculture, agrotechnology, livestock and food security, with an emphasis on private sector participation. The talks also covered financing, security and the possible contribution of the Barrick mining project to exports and jobs, while Aurangzeb pointed to IT, AI skills, virtual assets and remittances from Canada.