Islamabad: Prime Minister Mian Muhammad Shehbaz Sharif has congratulated the nation on the upgradation of Pakistan's sovereign credit rating from CAA1 to B3 by Moody's. In a statement, PM Shehbaz Sharif welcomed the upgradation of Pakistan's sovereign credit rating by Moody's.

The Prime Minister commended the efforts of the government's economic team. He also lauded Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Army Chief and Chief of Defence Forces Field Marshal Syed Asim Munir, Finance Minister Muhammad Aurangzeb and all the concerned ministers and officials for this achievement.

PM Shehbaz Sharif said the improvement in Pakistan's credit rating reflects global confidence in the government's economic policies and reforms. He said the recognition of the improvement in Pakistan's economic condition by international financial institutions and rating agencies is welcoming.

The Prime Minister said Pakistan's economy is heading towards stability, and the upgradation in the rating by international institutions is its clear evidence. He said the government has taken effective steps to stabilize the economy and improve the external sector.

He further said that confidence of international institutions in Pakistan is growing owing to the government's consistent efforts and reforms for economic stability. PM Shehbaz Sharif said the government will further expedite the process of reforms to build Pakistan's economy on sustainable foundations. He said our goal is to make Pakistan a strong, self-reliant and sustainable economy.

Meanwhile the global rating agency Moody's has upgraded Pakistan's sovereign credit rating from Caa1 to B3.

In a post on X, Advisor to the Finance Minister Khurram Schehzad said Moody's has also maintained the outlook of Pakistan's rating as stable.

He said the up-gradation of Pakistan's credit rating is a testament of growing confidence in Pakistan's economy and debt repayment capacity.

Khurram Schehzad said the B3 rating is another significant development towards Pakistan's economic recovery and financial stability.

He said the up-gradation by the global rating agency is an acknowledgement of Pakistan's improving economic and financial position.

He further said that an upgraded credit rating could pave the way for improved global investor confidence and Pakistan's access to international financial markets.

The Advisor to the Finance Minister said Moody's latest decision is a significant positive step in Pakistan's journey to economic stability.