Fitch Upgrades Pakistan's Credit Rating To 'B-' On Improving Deficits And Reforms

2025-04-15 02:38:35

(MENAFN- Khaleej Times)

Global ratings agency Fitch on Tuesday upgraded Pakistan's foreign currency credit rating to 'B-' from 'CCC+', citing increased confidence in the country's progress on narrowing its budget deficits.

The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) programme performance and funding availability, Fitch said.

The agency said though ongoing global trade tensions could create external pressures on Pakistan, its low dependence on exports and market financing should mitigate risks.

Pakistan's economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout programme from the IMF.

In March, the IMF reached a new deal with Pakistan which could unlock $1.3 billion in cash.

MENAFN15042025000049011007ID1109433758

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.