October 31, 2003	Friday	Ramazan 4, 1424

KARACHI, Oct 30: A team of sovereign credit rating agency Standard and Poor’s (S&P) on Wednesday held meeting with leading Pakistani businessmen at the Export Promotion Bureau.

Speaking on the occasion, rating specialist Liew Chih Wal said the purpose of visit of his team was to assess what was happening on ground in Pakistan. This will help S&P in its future rating analysis for Pakistan, he added.

Assistant director, Sovereign Rating Asia Pacific, Singapore, Agost Benard, and EPB director Ejaz Khan were also present on the occasion.

He said the macroeconomic indicators of Pakistan were doing well as inflation was under control, exports were growing and GDP growth was good. He said S&P wanted to know whether businesses were doing better in the country and how was the investment climate for local businessmen.

Mr Wai said S&P had provided a credit rating of stable B on its long-term and short-term, which showed its capacity to repay its debts. “We will assess economic and political stability, external factors, including balance of payment, foreign exchange reserves position, etc.”

Pakistan businessmen including, KCCI president Siraj Kasim Teli, Dr Ikhtiar Baig of FPCCI, Tariq Sayeed, Farrukh Shaikh and Rauf Tabani, said despite uncertainties, the present government had ensured the continuity of economic policy.

They were of the view that Pakistan should provide subsidies to various sectors, including agriculture, to be able to compete in the world market and increase its rating.—APP