Global ratings agency Fitch on Tuesday upgraded Pakistan\u2019s foreign currency credit rating to \u2018B-\u2019 from \u2018CCC+\u2019, citing increased confidence in the country\u2019s progress on narrowing its budget deficits.<\/p>\n
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.<\/p>\n
The agency said though ongoing global trade tensions could create external pressure, its low dependence on exports and market financing should mitigate risks.<\/p>\n
Prime Minister Shehbaz Sharif welcomed the upgrade, calling it a reflection of economic progress and the world community\u2019s confidence in the national economy, the Associated Press of Pakistan reported.<\/p>\n
He said the upgradation of Pakistan\u2019s credit rating was highly encouraging.<\/p>\n
\u201cFitch has declared Pakistan\u2019s economy as stable. The improvement of economic rating by international institutions reflects economic progress and the global community\u2019s confidence in the country\u2019s economy,\u201d he remarked.<\/p>\n
PM Shehbaz said that the incumbent government was working tirelessly to bring further improvement to the national economy.<\/p>\n
Welcoming the upgrade by the agency, Finance Minister Muhammad Aurangzeb said that it was a \u201cstrong expression of confidence in the country\u2019s economic reforms and policies\u201d.<\/p>\n
He said that the agency\u2019s step will further strengthen the government\u2019s economic agenda.<\/p>\n
After this announcement, the finance minister said, more investment, trade, increased employment opportunities, industrial development and additional resources will be available to the country.<\/p>\n
\u201cThe government will continue the journey of economic reforms and economic stability,\u201d he said, adding that the economy will further improve and stabilise in the future.<\/p>\n
APP reported that he later said the international rating agency has upgraded Pakistan\u2019s economic rating due to its sustainable macroeconomic stability.<\/p>\n","protected":false},"excerpt":{"rendered":"
Global ratings agency Fitch on Tuesday upgraded Pakistan\u2019s foreign currency credit rating to \u2018B-\u2019 from \u2018CCC+\u2019, citing increased confidence in the country\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":8192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8191"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8191\/revisions"}],"predecessor-version":[{"id":8193,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8191\/revisions\/8193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/8192"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}