Finance Minister Muhammad Aurangzeb on Tuesday said Fitch Ratings’ decision to upgrade Pakistan’s rating from CCC+ to B- is a “strong expression of confidence” in the government’s economic reforms and policies.
“Fitch Ratings has upgraded Pakistan’s rating after a long period of three years and has declared our economic outlook as stable,” said Aurangzeb.
The remarks come after Fitch Ratings on Tuesday upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-’ from ‘CCC+’ while maintaining the outlook Stable.
“The upgrade reflects Fitch’s increased confidence that Pakistan will sustain its recent progress on narrowing budget deficits and implementing structural reforms, supporting its IMF programme performance and funding availability,” Fitch said in a statement.
The rating agency, however, cautioned that global trade tensions and market volatility could create external pressures, “but risks are mitigated by lower oil prices and Pakistan’s low dependence on exports and market financing.”
Aurangzeb said Fitch Ratings’ upgrade will further strengthen the government’s economic agenda.
“Following this development, the country is expected to see increased investment, trade, job opportunities, industrial growth, and access to additional financial resources,” said Aurangzeb.
He reiterated that the government will continue the journey of economic reforms and economic stability.
In the coming days, Pakistan’s economy will witness further improvement and stability, the finance minister said.
Going forward, global rating agencies, investors, and financial institutions will place greater trust and confidence in Pakistan, he added.
