The American rating agency Fitch changed Pakistan’s outlook from stable to negative

The American rating agency Fitch changed Pakistan’s outlook from stable to negative

New York (Daily Pakistan Online) American rating agency Fitch downgraded Pakistan’s outlook from stable to negative, citing political instability, weak government unity and early elections as the reasons.

According to the Fitch report, the negative rating reflects Pakistan’s deteriorating liquidity and external funding situation from the beginning of 2022.

According to the report, the implementation of the IMF agreement and obtaining funding after June 2023 seems difficult, due to the pressure due to foreign exchange reserves and current account deficit.

According to the report, the current account deficit was 17 billion dollars in the fiscal year 2022, while this deficit is expected to be 10 billion dollars in the next financial year. In the Fitch report, the inflation rate has also been predicted to remain high due to the prices of petroleum products.

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