Umar anticipates reduction in cost of financing after improvement in Pakistan's outlook

• Moody's Investors Service affirmed on Monday govt's local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable from negative.
• Umar slammed the previous govt of PML-N saying that Moody's downgraded Pakistan outlook from ‘Stable’ to ‘Negative’ after five years of PML-N rule.

Federal Planning Minister Asad Umar has said that the Moody’s change of Pakistan outlook from ‘Negative’ to ‘Stable’ should help in improving the access to financing and reduce its cost.

“Moody's acknowledges success of stabilization measures and upgrades Pakistan outlook from negative to stable. Should help improve access to financing and reduce its cost,” said Umar.

The statement comes after Moody's Investors Service affirmed on Monday Government of Pakistan's local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable from negative.

Giving the rationale, Moody said, “The change in outlook to stable is driven by Moody's expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility."

The federal minister further blasted on the previous governments saying that Moody's downgraded Pakistan outlook from ‘Stable’ to ‘Negative’ after five years of PML-N govt on June 20, 2018.

Earlier, the minister said that the government is taking measures to provide opportunities to the youth of Pakistan. He said the youth are the future of the country.

He said the ‘Start-up' programme is the key for country's success. He added the aim of the programme is to create an environment to promote entrepreneurship. He added that it is feasible to start business from a small scale rather on a big scale. He maintained that the youth are the future of the country and all measures are being taken to facilitate them.