Fitch Ratings revises Pakistans outlook to negative from stable. Photo: AFP/file

Fitch downgrades Pakistan rating from stable to negative

by Pakistan News
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Fitch Ratings revises Pakistan’s outlook to negative from stable. Photo: AFP/file  

In view of the worsening liquidity and foreign funding situation since the beginning of this year, Fitch Ratings on Monday downgraded Pakistan’s outlook to negative from stable, while affirming its long-term foreign-currency (LTFC) issuer default rating (IDR) at ‘B-‘.

In a statement, Fitch Ratings said that the revision of the outlook to negative reflects a significant deterioration in Pakistan’s external liquidity position and financing conditions since early 2022.

“We assume IMF board approval of Pakistan’s new staff-level agreement with the IMF, but see considerable risks to its implementation and to continued access to financing after the programme’s expiry in June 2023 in a tough economic and political climate,” read the statement.

More to follow…

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