Islamabad: Advisor to the Finance Minister, Khurram Schehzad has said that Standard and Poor's (SandP) Global has upgraded Pakistan's Long-Term Instruments Credit Rating to 'B' from earlier "B-". To recall, last time Pakistan was in B category from Oct 31, 2016 to Feb 03, 2019. The upgradations brings Pakistan's rating status to effectively 8 year high.

In a statement issued on X, Khurram Schehzad said that the rating is upgraded due to stronger institutional capacity, sustained implementation of IMF-backed reforms, improved fiscal performance, and a significant rebuilding of foreign exchange reserves.

He said that it another major vote of confidence in Pakistan's economic turnaround. He said SandP Global Ratings has upgraded Pakistan's sovereign credit rating to 'B' from 'B-', citing: Strengthened institutional capacity, Successful implementation of critical reforms, Faster fiscal consolidation, Stronger foreign exchange reserves and Improved macroeconomic stability.

Khurram Schehzad said that the Stable Outlook reflects confidence that continued reforms will support sustained growth and fiscal discipline. Stability strengthens. Reforms deliver. Confidence rises.