Pakistan seeks Fitch's assessment for BB sovereign rating

Pakistan has sought Fitch Ratings’ assessment of the requirements for progressing towards the BB sovereign rating category.

The development came during a meeting between Finance Minister Muhammad Aurangzeb and the Governor of the State Bank of Pakistan (SBP) with Fitch Ratings on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand, to discuss Pakistan’s economic performance and sovereign credit outlook, read a statement.

Aurangzeb discussed trade and investment engagement with the United States and sought Fitch’s assessment of the requirements for progressing towards the BB rating category.

Earlier, Aurangzeb met with Moody’s to discuss the country’s economic outlook and prospects for a further sovereign rating upgrade.

The finance minister highlighted restored international capital market access, fiscal consolidation and sustained primary surpluses.

He outlined inflation trends, monetary policy, exchange rate stability and the contained current account deficit. Discussions also covered reserve accumulation, reduced forward liabilities and stronger external buffers to withstand economic shocks.

The delegation highlighted improving debt sustainability, declining servicing costs, longer borrowing maturities and bilateral rollover assurances. Also reaffirmed commitment to completing the IMF programme, implementing structural reforms and promoting export-led growth.

In a separate meeting with Randeep Sarai, Canada’s Secretary of State for International Development,  the finance minister highlighted Pakistan’s economic stabilisation and urged progress on the investment protection agreement to encourage Canadian investment.

Both sides explored opportunities in agriculture, agrotechnology, livestock and food security, emphasising private-sector participation, read a statement.

Discussions covered the Barrick mining project, its security review, financing arrangements and potential contribution to exports and employment.

The finance minister highlighted opportunities in IT services, AI skills, virtual assets and diaspora engagement, including remittances from Canada.

The two sides exchanged views on Pakistan’s mediation efforts and the regional conflict’s effects on energy, fertiliser supplies and global food security. The Finance Minister thanked Canada for its flood assistance, identified tourism as another area of cooperation and invited Sarai to visit Pakistan.