ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Monday welcomed the upgrade of Pakistan’s long-term foreign currency issuer default rating (IDR) from CCC to CCC+ by rating agency Fitch.
Appreciating the efforts of Finance Minister Muhammad Aurangzeb and his team, the Prime Minister said that the country and the nation have started reaping the fruits of the government’s policy of sacrificing politics for the sake of the state in the form of improving the country’s economy.
He said in a statement that raising Pakistan’s global rating to CCC+ is an international recognition of the government’s sound economic policies. The Prime Minister emphasized that the government is working hard on a program of economic reforms, the fruits of which will surely reach the people soon.
The reports of Fitch and other international financial institutions are important for the economic improvement of Pakistan, Prime Minister Shehbaz said, adding that “we will proceed with more effort and enthusiasm on the path of economic improvement of the country”.
He hoped that the new International Monetary Fund (IMF) program would further improve economic activities in the country. The announcement of another one percent interest rate cut by the State Bank of Pakistan was another sign of economic improvement, he added. He said the recent interest rate cut would further reduce inflation and boost business activities.
