Finance Minister Muhammad Aurangzeb met representatives of Moody’s in Bangkok, Thailand, on October 15, 2026, on the margins of the World Bank Group–IMF Annual Meetings 2026. The talks centred on Pakistan’s economic prospects and its standing as a sovereign borrower.
According to the discussions, the two sides looked at a recent rating upgrade, stronger fiscal and external figures, and Pakistan’s return to international capital markets. Aurangzeb described plans to swap expensive short-term debt for longer-dated financing without enlarging the external debt stock. The delegation pointed to rising foreign exchange reserves, a controlled current account gap and lower State Bank forward liabilities. He also said he remained committed to structural reforms and export-led growth that continues after the IMF programme.
Moody’s views and ITFC financing talks
Aurangzeb asked Moody’s for its view on how Pakistan could secure a stronger rating, and how it weighs political risk against economic performance. Later, he met Engineer Adeeb Y. Al Aama, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC). He underlined Pakistan’s economic progress, healthier reserves and renewed market access.
Both sides reviewed the remaining financing tranche and considered bringing borrowing costs into line with better market conditions. Technical teams will examine pricing and financing volume changes to reach an arrangement acceptable to both. Discussions also touched on digital product passports to support textile exports to the European Union, and single-window connectivity to ease trade within ASEAN. Both parties reaffirmed their long-term partnership and their goal of improving Pakistan’s export competitiveness.
