Aurangzeb Hails S&P Upgrade as Endorsement of Pakistan’s Reforms

Finance Minister Senator Muhammad Aurangzeb said that the recent credit rating upgrade by S&P Global marks a “strong endorsement of Pakistan’s reform agenda” and reflects growing international confidence in the country’s economic recovery. In a meeting with the S&P Global team in Washington D.C., the minister welcomed the decision and noted that all three major global rating agencies are now aligned on Pakistan’s sovereign outlook, a sign, he said, of “restored fiscal credibility and improving fundamentals.” Aurangzeb briefed the S&P representatives on recent macroeconomic developments, highlighting the Staff-Level Agreement recently reached with the IMF on the second review of the Extended Fund Facility and the first review under the Resilience and Sustainability Facility. He said the government’s ongoing reforms in taxation, energy, and state-owned enterprises had stabilized fiscal indicators and strengthened the external account. “We’ve turned a corner,” he said, adding that the government remains focused on sustaining growth through disciplined financial management and private-sector investment. The finance minister emphasized Pakistan’s commitment to maintaining policy continuity and expressed hope for continued engagement with S&P Global in tracking the country’s economic progress.