ISLAMABAD – Pakistan economic outlook has been downgraded by the FitchRatings.
As per media report, Fitch Ratings on Friday downgraded Pakistan’s ratingto B- from B previously and maintained the outlook as stable for theforeseeable future.
According to the rating agency, the downgrade was indicative of aheightened external financing risk from low reserves and elevated externaldebt repayment.
Fitch projected GDP growth to fall to 4.2% in FY19, from a 13-year high of5.8% in FY18, as monetary and fiscal tightening measures begin to weigh onactivity.
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It added the continuing deterioration in the fiscal position with a risingdebt to GDP ratio also contributed to the downgrade to B- from B previously.
