ISLAMABAD: Global rating agency Fitch on Monday elevated Pakistan’s long-term foreign currency issuer default rating to ‘CCC’ from ‘CCC-’, citing improved external liquidity and funding conditions.
Pakistan was able to secure the much-needed $3bn short-term financial deal from the IMF earlier this month, saving from the likely default.
Commenting on the development, Finance Minister Ishaq Dar said that Fitch upgraded Pakistan’s Long Term Foreign Currency rating to CCC from IDR (Issuer Default Rating).
Taking to Twitter, Dar wrote, “Another positive news towards current economic revival journey, AlhamdoLilah.”
In a statement issued today, Fitch said it expected the SLA to be approved by the IMF board in July, catalysing other funding and anchoring policies around parliamentary elections due by October.
However, it said, “The programme’s implementation and external funding risks remain due to a volatile political climate and large external financing requirement.
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