ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Monday hailed the upgrading of Pakistan’s long-term foreign currency issuer default rating (IDR) from CCC to CCC+ by the Credit Rating Agency Fitch.
Appreciating the efforts of Finance Minister Muhammad Aurangzeb and his team, the prime minister said the country and the nation had started receiving the fruits of the government’s policy of sacrificing politics for the sake of the state in the shape of improvement in the country’s economy.
In a statement, he said upgrading Pakistan’s global rating to CCC+ was the international recognition of the government’s right economic policies. The prime minister emphasized that the government was working hard on the economic reforms agenda, the fruits of which would surely reach the people soon.
The reports of Fitch and other international financial institutions are important for the economic improvement of Pakistan, PM Shehbaz said adding, “we will move forward with more effort and passion on the path of economic improvement of the country”.
He hoped that the new International Monetary Fund (IMF) programme would further improve the economic activities in the country. The announcement of another one percent reduction in interest rate by the State Bank of Pakistan was another sign of economic improvement, he added.
He said that the recent cut in the interest rate would further reduce inflation and increase business activities.
