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S&P raises Pakistan’s sovereign rating to ‘B’, citing reforms implementation

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July 22 : Credit ratings agency S&P Global raised Pakistan’s long-term sovereign credit rating to “B” from “B-” on Wednesday, citing stronger institutional stability and effective implementation of reforms under an IMF program.

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.

Source: Reuters

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