Global Rating Agency Fitch downgrades ‘Cash-strapped’ Pakistan to 'CCC-'

Pakistan reeling under economic crisis and financial tensions increasing rapidly. After Pakistan failed to close IMF deal, Fitch downgraded foreign currency Issuer Default Rating to CCC-. Downgrade also reflects large risks to continued programme performance and funding. CCC- rating of Fitch describes that there is a real possibility of default for the country. Fitch listed several reasons including worsening liquidity, financial risks for the downgrade. Global Rating Agency has downgraded Pakistan’s ratings for the second time in four months. The IMF deal delay has hit Pakistan really hard as the economy is already in serious turmoil. Fitch also noted that IMF's conditions will prove socially and politically difficult for Pakistanis. Close allies- China, Saudi Arabia and UAE have also shown reluctance to fund Pakistan in absence of IMF programme.

#ShehbazSharif #IMF #Pakistan

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