PM Shehbaz hails FinMin on Pakistan rating's upgradation by Fitch

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif hailed Finance Minister Muhammad Aurangzeb and his team on upgrading of Pakistan’s long-term foreign currency issuer default rating (IDR) by the Credit Rating Agency Fitch, ARY News reported.

In a statement issued here, PM Shehbaz appreciated the finance minister and his team as the Fitch upgraded Pakistan’s IDT from CCC to CCC+.

The prime minister said the country and the nation started receiving the fruits of the government’s policy of ‘sacrificing’ politics for the sake of the state in the shape of improvement in the country’s economy.

PM Shehbaz termed the upgrading of Pakistan’s global rating to CCC+ an international recognition of the government’s ‘right’ economic policies.

“The government is working hard on the economic reforms agenda and its fruitful results will surely reach to the people soon,” he added.

He said that Fitch’s report and other international financial institutions are important for the economic improvement of Pakistan.

PM Shehbaz said they will move forward with more effort and passion on the path of economic improvement of the country.

He hoped that the new International Monetary Fund (IMF) programme would further improve the economic activities in the country.

“The announcement of another one percent reduction in interest rate by the State Bank of Pakistan is another sign of economic improvement,” he added.

PM Shehbaz said that the recent cut in the interest rate would further reduce inflation and increase the business activities.

Read More: Fitch upgrades Pakistan rating to ‘CCC+’

Earlier in the day, Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’.

“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement on Monday.

“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine programme performance and funding,” it warned.