Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC+’ to ‘B-‘, assigning it a Stable Outlook

Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC+’ to ‘B-‘, assigning it a Stable Outlook.

This upgrade signals Fitch’s growing confidence in Pakistan’s efforts to reduce budget deficits and implement structural reforms—key elements supporting the country’s performance under the IMF programme and its access to funding.

Ongoing tight economic policies are expected to aid in rebuilding international reserves and managing external financing needs, although significant implementation challenges and high funding requirements remain.