PM welcomes S&P Global’s upgrade of Pakistan’s sovereign credit rating

ISLAMABAD, July 22 (APP): Prime Minister Muhammad Shehbaz Sharif, Wednesday, welcomed the decision of S&P Global Ratings to upgrade Pakistan’s sovereign credit rating from ‘B-” to “B’, describing it as a significant milestone for the country’s economy.

The prime minister said the upgrade reflected the international community’s confidence in the government’s effective economic policies, fiscal discipline, structural reforms, and sustained efforts to stabilize the national economy.

He noted the improved rating served as evidence that the government’s measures to strengthen economic stability, reform the tax system, reduce the fiscal deficit, and build foreign exchange reserves were moving in the right direction, PM Office Media Wing said in a press release.

The prime minister further said the government had taken difficult but necessary economic decisions, the positive outcomes of which were now being acknowledged internationally.

He expressed the confidence that the upgrade would boost the confidence of international investors, create new investment opportunities and further accelerate Pakistan’s economic growth.

The prime minister also commended Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar, Field Marshal Syed Asim Munir, Finance Minister Senator Muhammad Aurangzeb, the government’s economic team, and all relevant institutions for their contributions to this achievement.

Reaffirming the government’s commitment to economic reforms, he said the reform agenda would continue with determination and resolve to provide Pakistan with a strong and sustainable economic foundation.