Pakistan, Jan. 14 -- International credit rating agency Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a 'Stable Outlook'.
In a press release issued on Monday, Fitch stated that Pakistan's 'B-' rating reflects a challenging external position characterised by a high external financing requirement and low reserves; weak public finances, including large fiscal deficits and a high government debt-to-GDP ratio; and weak governance indicators.
Fitch highlighted that external vulnerabilities have been reduced over the past year as a result of policy actions by the authorities and financing unlocked through an International Monetary Fund (IMF) programme, which helped reduce the current ac...