PM Shehbaz Sharif Applauds Finance Minister for Fitch Upgrade
ISLAMABAD: Prime Minister (PM) Shehbaz Sharif hailed Finance Minister Muhammad Aurangzeb and his team on upgrading of Pakistan’s long-term foreign currency issuer default rating (IDR) by the Credit Rating Agency Fitch, ARY News reported.
In a statement issued here, PM Shehbaz appreciated the finance minister and his team as the Fitch upgraded Pakistan’s IDT from CCC to CCC+.
The prime minister attributed the improvement in the country’s economy to the government’s policy of prioritizing state over politics. He termed the upgrade as an international acknowledgment of the government’s strong economic policies.
PM Shehbaz expressed confidence in the government’s economic reform agenda and its positive impact on the people. He emphasized the importance of reports from institutions like Fitch for Pakistan’s economic progress.
He highlighted the recent interest rate cut by the State Bank of Pakistan as a significant step towards reducing inflation and boosting business activities. The PM also welcomed the possibilities of the IMF programme further enhancing economic activities in the country.
Read More: Fitch upgrades Pakistan rating to ‘CCC+’
Earlier in the day, Fitch Ratings upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’, citing greater certainty in external funding availability due to Pakistan’s agreement with the IMF for a new Extended Fund Facility.