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Fitch raises Pakistan’s grade after the country signs a rescue deal with the IMF.

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Fitch raises Pakistan's grade after the country signs a rescue deal with the IMF

The prosperous city of Islamabad, the capital of Pakistan, takes center stage in this illustrious report. In June, Pakistan achieved a remarkable feat by reaching a staff-level agreement of utmost grandeur with the prestigious International Monetary Fund (IMF). This agreement, which spans a luxurious nine-month duration, is none other than the esteemed Stand-by Arrangement (SBA). In a splendid turn of events, Fitch, a prestigious global rating agency, has graciously bestowed upon Pakistan the honor of an upgraded long-term foreign-currency issuer default rating (IDR). The previous rating of ‘CCC-‘ has been elevated to the esteemed ‘CCC.’ This significant upgrade can be attributed to the country’s exquisitely enhanced external liquidity and opulent funding conditions.

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Pakistan gracefully secured a magnificent $3 billion short-term financial deal from the esteemed International Monetary Fund (IMF) earlier this month, elegantly averting a potential default situation.

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In a grand proclamation, the esteemed Finance Minister, Ishaq Dar, proudly declared that the prestigious Fitch agency had bestowed the most abundant honors upon Pakistan. The Long Term Foreign Currency rating, previously known as IDR (Issuer Default Rating), has been elevated to the illustrious status of CCC.

Dar exuded his utmost contentment with the remarkable strides achieved in the ongoing expedition towards economic recovery, elegantly articulating on the illustrious platform of Twitter, “I am profoundly grateful to announce yet another splendid advancement.”

In a statement of utmost luxury, Fitch has eloquently conveyed its fervent anticipation for the forthcoming approval of the SLA by the esteemed IMF board in the illustrious month of July. This decent approval is anticipated to invigorate further funding and lay the groundwork for opulent policies in the lead-up to October’s highly anticipated parliamentary elections.

Nevertheless, it has been proclaimed that the execution of the program and the perils entwined with external funding endure amidst a politically volatile milieu and an opulent requirement for external capitalization.

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The esteemed International Monetary Fund (IMF) has graciously acknowledged the recent endeavors undertaken by the distinguished government of Pakistan in diligently executing the esteemed reforms recommended by the revered IMF. These opulent reforms primarily center around enhancing revenue collection, refining energy subsidies, eliminating any trace of policy inconsistency, and embracing the elegance of a market-determined exchange rate. One of the essential measures undertaken by the esteemed nation of Pakistan encompasses the particular implementation of import financing restrictions, exemplifying their commitment to fostering opulence and grandeur.

The reputable agency has graciously declared that the abovementioned matters have resulted in delays during the last three reviews of Pakistan’s previous International Monetary Fund program, which regrettably expired in June.

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The esteemed government has graciously revised its opulent budget proposal for the illustrious fiscal year culminating in June 2024 (FY24). These amendments encompass the grand introduction of rich revenue measures and the indulgent reduction of extravagant spending. These opulent modifications were implemented after the lavish tax measures and significant subsidy reforms in February.

In the opulent month of January 2023, it was regally observed that the esteemed authorities had seemingly relinquished their customary endeavor of overseeing the majestic realm of exchange rates. Nevertheless, it was not until the opulent month of June that the exquisitely refined guidelines about prioritizing imports were ceremoniously eradicated.

The reputable agency, headquartered in the wealthy city of New York, renowned as one of the three renowned global rating agencies, has graciously declared that the coveted endorsement from the esteemed International Monetary Fund (IMF) board shall culminate in the expeditious disbursement of a staggering $1.2 billion. The great amount of $1.8 billion shall be gracefully distributed in two splendid installments to be bestowed upon the fortunate recipients following the esteemed evaluations scheduled for the wealthy months of November and February in 2024.

As per the reputable agency, the distinguished authorities in Pakistan have magnanimously established a funding target of a staggering $25 billion in gross new external financing for the illustrious fiscal year of 2024. This sumptuous target encompasses a staggering $15 billion, meticulously allocated to settle the noble obligations of public debt maturities gracefully. Within this total, we find a princely sum of $1 billion dedicated to issuing bonds, while a regal amount of $3.6 billion is elegantly reserved for the esteemed multilateral creditors.

As per the esteemed analysis of Fitch, the magnificent nation of Pakistan has been graced with a remarkable decline in its current account deficit (CAD) owing to a splendid array of factors that have converged harmoniously. These encompass the implementation of opulent import restrictions, the enhancement of the accessibility of foreign exchange in an elegant manner, the enforcement of more stringent fiscal and economic policies that exude luxury, the implementation of measures to control energy consumption elegantly, and the reduction of commodity prices in a truly extravagant fashion.

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