Dec 4, 2019, 11:12 AM
Journalist ID: 2053
News Code: 83580251
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Pakistan economy stabilizing, international rating upgraded

Islamabad, Dec 4, IRNA -- Though only fifteen months have passed to the new government of Prime Minister Imran Khan in Pakistan, the economic situation of the country is getting better and its international ratings are upgraded.

Moody's Investors Services Credit has raised Pakistan’s economic outlook from negative to stable.

Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh has stated that the world's leading financial institutions had given Pakistan their vote of confidence and acknowledged the improvement over the past five months in its economic indicators.

He added the report of Moody has shown the world that the reforms brought about by Pakistan in its economy are being appreciated by the world's leading financial institutions.

Sheikh said that Foreign Direct Investment — an investment made directly in the economy — had witnessed a 236 percent increase compared to last year. As of October, this investment was $650m, he said.

Meanwhile, the Pakistan Stock Exchange (PSX) has also made a sharp turnaround from being the worst-performing market in the recent past to the world’s best performing market, indicating the revival of investor confidence in the country’s economy.

PSX benchmark KSE 100-share Index gained 36% in dollar terms, or around 10,500 points, in the past three months (Sept 2 to Dec 2) and closed at a 10-month high at 40,124 points on Monday.

The International Monetary Fund (IMF) expressed satisfaction over the structural reforms undertaken to fix the faltering economy in its first economic review in November following the approval of a $6-billion loan program for Pakistan in July.

In November State Bank of Pakistan reported a current account surplus after a gap of four years and tax collection and the number of tax return filers went up.

Such positive news sparked a stock buying euphoria as the investors continued to make extensive buying. Accordingly, the market saw a small rally with gains of over 10,000 points in the past three months.

Prime Minister Imran Khan has said the provision of relief to the common man and bringing further economic stability are the top priorities of the government.

Addressing a Federal Cabinet meeting in Islamabad, he said a significant milestone has been achieved in the journey towards economic stability.

Prime Minister expressed satisfaction over the reports of leading global credit rating entities and financial institutions.

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