ISLAMABAD: Finance Minister, Mohammad Ishaq Dar here onTuesday said that Moody’s consideration of government’s commitment to implement China-Pakistan Economic Corridor (CPEC) as a credit positive for Pakistan, is not only reflective of the economic worth of this project but also manifests government’s sincerity to achieve an economic turnaround based on continued agenda of reforms.
In a statement issued by the Ministry of Finance, Ishaq Dar said that Pak-China Economic Corridor with planned investment by China of 45.6 billion dollars in energy and infrastructure projects, is not going to benefit China and Pakistan alone, but it will bring benefits to the entire region to the Central Asian states to India, to Afghanistan, and to other neighboring countries.
Dar agreed to the general notion that spur in foreign investment in Pakistan because of CPEC and Chinese financing in energy projects must have prompted the Moody’s consideration of CPEC as a credit booster for the country.
According to media reports, the world known rating organization, Moody’s, just the other day noted that the CPEC would encourage investment activity, boost bilateral trade flows and help resolve problem of energy shortage in Pakistan.
Further, although the project would largely come to fruition in 2017, if its implementation proceeds smoothly, CPEC’s economic benefits will bring
gradually improve Pakistan’s credit quality before 2017, Moody’s further noted.
Both Moody’s and Standard and Poor’s have a stable outlook for Pakistan but the latter has a B-rating which is two places above the standing given to Pakistan by Moody’s.