Pakistan unable to launch bonds

The government’s inability to launch Euro and Panda bonds could put the economy under stress, which may not help the country get improved ratings from international rating agencies, said financial experts. “The government is yet not able to launch bonds in the international market to raise dollars due to poor country ratings given by the international rating agencies,” said sources in the financial sector. The finance minister and the State Bank of Pakistan governor met top-class rating agencies in Washington last month to convince them that the macroeconomic numbers of the economy have improved. However, a favourable outcome has yet to be noted. Twoo rating agencies have already upgraded Pakistan’s rating by one notch. On Jul 29, Fitch upgraded Pakistan’s long-term issuer rating by one notch to CCC+, and on Aug 28, Moody’s upgraded Pakistan to Caa2.