Islamabad: Finance Minister Ishaq Dar has shown grievances over recent decision of Moody’s and warned the Investor Service that he would give a “befitting” reply in a meeting with its officials next week if the agency did not reverse the downgrading of Pakistan’s sovereign credit rating.
Addressing media in the premises of the accountability court here on Friday, Dar said that before going for the move, the Moody’s should have consulted Pakistan, adding that there was “no cause for worry” as rating agency Fitch had also downgraded the United Kingdom earlier this week. A day earlier, Moody’s cut Pakistan’s sovereign credit rating by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability. In his media talk, Ishaq Dar further said that he had spoken to the agency’s officials and told them that they “should not have done it”. “The main work of these rating agencies is related to bonds. We floated $500 million bonds in April 2014 and we had 14 times oversubscription,” he added.
Responding to a question regarding recent improvement of Pakistani Rupee against US Dollar, Ishaq Dar said that the rupee’s value is improving, however, he regretted that the previous government devalued Pakistan’s currency artificially. He added that no one will be allowed to control rupee’s value artificially. Earlier, he appeared before the Accountability court in an assets related case. The court rejected the warrants against Ishaq Dar and adjourned the hearing till Wednesday.
