Global credit rating agency Fitch affirmed Pakistan’s long-term foreign currency issuer default rating at ‘B-’ with a outlook at stable, saying COVID has dented the country’s growth strategy and stressed public finances.
Fitch said, “Pakistan’s ‘B-‘ rating reflects weak public finances, including large fiscal deficits and a high government debt/GDP ratio, a challenging external position characterised by large external debt repayments against low foreign-exchange reserves and low governance indicator scores”.
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