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The reality of  the Paki Economy

Paki's Dawn : ISLAMABAD: Noting weak external and fiscal positions and slowing economy, Fitch Ratings on Monday affirmed Pakistan’s long-term Foreign Currency issuer default rating at ‘B-negative’ with a stable outlook.

The New York-based agency — one of the three major global rating agencies — noted high debt-to-GDP ratio, economic growth rate of 2.8 per cent and fiscal deficit at the elevated 7.9pc level besides high inflation and interest payments and weaker revenue growth as key weaknesses.

The ‘B-negative’ rating reflects a challenging external position characterised by a high external financing requirement and low reserves, weak public finances including large fiscal deficits and a high government debt-to-GDP ratio, and weak governance indicators.

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