Fitch upgraded Pakistan's long-term foreign-currency IDR to 'CCC+' due to improved external liquidity from a $7bn IMF agreement.
Fitch Ratings upgraded Pakistan's long-term foreign-currency issuer default rating (IDR) from 'CCC' to 'CCC+', reflecting improved external liquidity and funding conditions due to a recent $7bn agreement with the International Monetary Fund (IMF). The upgrade follows Pakistan's successful reduction of fiscal deficits and rebuilding of foreign exchange reserves under a previous IMF arrangement. The government must secure new funding assurances from countries like Saudi Arabia, UAE, and China to support the IMF program.
July 29, 2024
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