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International Organization ‘Fitch Ratings’ has Released a Report on Pakistan’s Economic Condition

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International rating agency Fitch has described Pakistan’s outlook as stable, saying that Pakistan’s fiscal deficit is declining and the pace of growth is improving, with growth expected to be 1.2 percent this fiscal year.

According to the report on Pakistan’s economy released by Fitch Ratings, Pakistan’s current account deficit is expected to be 1.7% this fiscal year, and due to the global recession caused by the corona, Pakistan’s remittances will decrease by 10%.

Fitch added that in the fiscal year 2021, Pakistan will repay $10.3 billion in external debt. In the fiscal year 2022, the government has to repay the external debt of $8.9 billion.

ALSO READ: PTI Government Presented Economic Survey of Pakistan 2019-20

According to Fitch, due to the Corona epidemic, Pakistan’s fiscal deficit will be 8.2% in the year 2021. However, the pace of development in Pakistan is gradually improving. In the current financial year, the growth rate of Pakistan is expected to be 1.2% as against minus 0.4% in the previous financial year.

On the other hand, the spokesperson of the Ministry of Finance has welcomed the maintained B- rating by Fitch Ratings. A spokesman for the finance ministry said Fitch Ratings had maintained Pakistan’s economic rating at minus B. Like Moody’s, Pakistan’s economy has been declared stable.

The Finance Ministry spokesman further said that the confidence of international organizations in Pakistan’s economic policies is increasing and despite Corona, Pakistan’s economy is improving.

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