Fitch report continues on Pakistan’s economic rating, fear of complication in IMF program
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Global rating agency Fitch has released a report on Pakistan’s economic rating, which has expressed fears of complications in the International Monetary Fund (IMF) program.
Fitch said in its report that the political uncertainty in Pakistan could complicate the IMF program. The IMF program for Pakistan is ending in March. A new program with the IMF could improve Pakistan’s credit rating. Is.
The report stated that in February 2024, Pakistan’s net foreign exchange reserves were $8 billion, and in February 2023, Pakistan’s net foreign exchange reserves were $2.9 billion.
The Fitch report said that Pakistan needs external funding, Pakistan’s foreign exchange reserves may improve in the next few months. The new government will urgently need funding from aid agencies.
In this report, it was also said that Tehreek-e-Insaaf’s candidates performed better in the elections, Muslim League-N and People’s Party are busy forming a coalition government. The program from the IMF will be a challenge for the new government.
Uncertain political conditions could cause delays in the IMF program, delaying funding from aid agencies and countries could affect the reform process, the report said.
Fitch expressed hope that the newly elected government would immediately contact the IMF, if the Tehreek-e-Insaf could be more stable among the people if it stayed away from power.
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