Pak Economy Watch questions controversial role of Int’l rating agencies
PEW questions controversial role of Int’l rating agencies
Pakistan Economy Watch has said that international rating agencies have initiated a malicious campaign against Pakistan. It asked government should take notice of these moves and counter it. Dr. Murtaza Mughal, President, Pakistan Economy Watch said on Saturday that the situation of economy is not very good at home but it cannot be termed as beyond repair or irreversible.
He said that rating agencies have lost reputation as they have failed to warn masses about any of the crises including that of mortgage, oil and food etc. This is despite the fact that these institutions are charging customers heavily. Many figures are now pointing towards them.
Campaign launched to force Pakistan to sell assets at throwaway prices
“Now these agencies have initiated a campaign against Pakistan to deter investors and make Pakistan a cash-strapped state so that government is left with no option but to sell assets at throwaway prices,” he said. Some reports say that recently an asset worth USD 65 billion has been sold at 21 billion dollars secretly.
Agencies failed to warn masses, customers before major crises
He said that PEW never aims to defend government or officials as some highly objectionable deals have been made in past aimed at personal benefits. The national interest was sacrificed in those deals.
He asked if environment in Pakistan is not enabling, as claimed by the agencies repeatedly, how come UK’s prime bank Barclays stepped in and Standard Chartered made investment worth billions here. Why a number of multinationals are striving to start their business in Pakistan. Recently a multi billion dollar US company offered to make Pakistan self sufficient in power, why were they here, he questioned.
Dr. Murtaza Mughal said that Moody’s Investor Services has opened a front against Pakistan as its official Mr. Aninda Mitra is an Indian who is believed to be issuing baseless statements very quickly. “These agencies would frequently comment on affairs of Pakistan but would keep mum where interests of major powers and their customers will come in way,” Dr. Murtaza Mughal said.
Investors have lost confidence in these institutions
He said that major investors would never pay heed to the stories issued by rating agencies otherwise no one will have opted for investment in Iran, Yemen, Sri Lanka, Venezuela and Afghanistan etc.
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