Islamabad: In a significant endorsement of Pakistan’s economic strategies, a delegation from Standard and Poor’s Global Rating Agency praised the country’s reform measures during a meeting with Finance Minister Muhammad Aurangzeb today.

According to Ministry of Information and Broadcasting, Finance Minister Aurangzeb updated the S and P delegation on the nation’s economic progress, citing the successful completion of a nine-month Stand By Arrangement with the IMF and improvements in several economic indicators. These include an increase in foreign exchange reserves to USD 9.4 billion, a strong stock exchange performance, a downward trend in inflation rates, and a 7.7% rise in foreign remittances compared to last year.

The Minister also discussed enhancements in the tax system, which saw a 30% increase in collections this fiscal year, and ongoing reforms in the energy sector and state-owned enterprises. The discussion underscored Pakistan’s ongoing negotiations with the IMF for a new medium-term support program aimed at further bolstering the country’s economic reforms.

Leaders from S and P, Mr. Yee Farn Phua and Mr. Andrew David Wood, acknowledged the positive trajectory of Pakistan’s economy and expressed confidence in the government’s fiscal policies and reform agenda.