S&P raises Pakistan's sovereign rating to 'B'

Credit ratings agency S&P ‌on ⁠Wednesday upgraded ⁠Pakistan's long-term sovereign credit rating to 'B' from 'B-', ⁠citing ‌improved institutional stability that ⁠enabled key IMF-backed reforms, accelerating fiscal ‌consolidation and strengthening external buffers.

The agency ⁠said the ‌government's efforts to widen the ⁠tax base have improved revenue collection and accelerated fiscal consolidation, supporting a gradual decline in the country's debt burden.

Reforms backed by ‌the IMF have helped restore macroeconomic stability, rebuild ⁠foreign exchange reserves and ease strains on Pakistan's fiscal and external positions, S&P said.