ISLAMABAD: In a significant development for Pakistan’s economic standing, Standard and Poor’s (S&P) Global has upgraded the country’s long-term instruments credit rating from ‘B Minus’ to ‘B’. This marks the highest rating for Pakistan in the last eight years.

According to Radio Pakistan, the upgrade is attributed to several factors, including stronger institutional capacity, the sustained implementation of reforms supported by the International Monetary Fund (IMF), improved fiscal performance, and a noteworthy rebuilding of foreign exchange reserves. The last time Pakistan held a ‘B’ category rating was between October 31, 2016, and February 3, 2019, making this upgrade a return to a previous high after a lapse of several years.

The move by S&P Global, a US-based international credit rating agency, reflects positively on Pakistan’s ongoing economic reforms and stabilization efforts, potentially influencing investor confidence and economic policy planning in the region.