Fitch upgrades Pakistan’s credit rating to ‘B-’ on improving deficits, reforms

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 pressure, its low dependence on exports and market financing should mitigate risks. Prime Minister Shehbaz Sharif welcomed the upgrade, calling it a reflection of economic progress and the world community’s confidence in the national economy, the Associated Press of Pakistan reported.