Pakistan made solid progress towards economic reforms: S&P

ISLAMABAD: The US-based rating agency Standard and Poor’s has declared ‘B-‘long-term and ‘B’ short-term sovereign credit ratings for Pakistan.

According to a press release issued by S&P, the government had made solid progress toward important fiscal and economic reforms prior to the start of global coronavirus outbreak and reform momentum should return once the pandemic is better contained.

The stable outlook reflects expectations that funding from IMF and other partners along with a recent improvement in Pakistan’s balance of payments position, will be sufficient for the country to meet its considerable external obligations over the next 12 months.

The agency said that Pakistan had made progress toward consolidating its fiscal accounts during the first nine months of its Extended Funding Facility program with the IMF.