Credit ratings agency S&P on Wednesday upgraded Pakistan's long-term sovereign credit rating to 'B' from 'B-', citing improved institutional stability that enabled key IMF-backed reforms, accelerating fiscal consolidation and strengthening external buffers. The agency said the government's efforts to widen the tax base have improved revenue collection and accelerated fiscal consolidation, supporting a gradual decline in the country's debt burden.Reforms backed by the IMF have helped restore macroeconomic stability, rebuild foreign exchange reserves and ease strains on Pakistan's fiscal and external positions, S&P said.
S&P raises Pakistan's sovereign rating to 'B'
S&P upgraded Pakistan's rating to 'B' from 'B-'. This upgrade reflects improved institutional stability and key IMF-backed reforms. Reforms have accelerated fiscal consolidation and strengthened external buffers for the nation. Revenue collection improved, aiding a gradual decline in the debt burden. Macroeconomic stability has been restored, rebuilding foreign exchange reserves.
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