ISLAMABAD: Information Minister Fawad Chaudhry and Pakistan Muslim League-Nawaz (PML-N) lawmaker Ahsan Iqbal had an exchange on Twitter on Monday.
Iqbal shared the story of Moody’s changing Pakistan banking system outlook to negative with the following comment: “Unfortunately aftershocks of political engineered crisis continue to impact our economy adversely.”
Information Minister Fawad Chaudhry responded by tweeting that the consequences and curse left by Iqbal’s party would remain for some time. “Your long stints in power were not without consequences, your curse will remain for some time but we will be out to the mess you guys created.”
Moody’s Investors Service has changed its outlook for the banking system in Pakistan (B3 negative) to negative from stable.
“Over the next 12-18 months, banks in Pakistan will see their credit profiles challenged by their high exposure to the country’s low-rated sovereign debt and a slowing economy,” Constantinos Kypreos, Moody’s Senior Vice President, said in a report released Monday.