Pakistan's credit rating upgraded to CCC+ by Fitch
- 30 Jul 2024
Pakistan's Prime Minister Muhammad Shehbaz Sharif welcomed the upgrade of the country's long-term foreign currency issuer default rating (IDR) from CCC to CCC+ by the Credit Rating Agency Fitch, the Associated Press of Pakistan (APP) reported.
The Prime Minister praised the efforts of Finance Minister Muhammad Aurangzeb and his team, stating that the government's policy of prioritising the nation's interests over political considerations has begun to yield positive results for the economy.
The upgrade to CCC+ is seen as international recognition of the government's sound economic policies. The Prime Minister emphasised the government's commitment to economic reforms, the benefits of which are expected to be felt by the public soon.
The reports from Fitch and other international financial institutions play a crucial role in Pakistan's economic progress.
The new International Monetary Fund (IMF) programme is anticipated to further boost economic activity in the country. Additionally, the recent one percent reduction in interest rates by the State Bank of Pakistan is another positive indicator of economic improvement, potentially leading to reduced inflation and increased business activity.
WAM