Senator Muhammad Aurangzeb, Pakistan’s federal finance and revenue minister, and the State Bank of Pakistan (SBP) governor — the country’s central bank head — held a meeting with Fitch Ratings staff in Bangkok. The session took place beside the 2026 World Bank Group and International Monetary Fund (IMF) annual gatherings. Talks centred on how the economy is performing and on the Pakistan credit outlook for the sovereign.
An official handout issued in Islamabad on Friday, 16 October, summarised what the Pakistani side presented. No new Fitch rating action was announced in that account.
What officials told the rating agency
Aurangzeb said Pakistan had again been able to raise funds on global markets. He also pointed to a tighter budget stance and primary surpluses that have been kept up over time. A primary surplus means the government takes in more than it spends before interest payments.
He walked through recent price trends, the interest-rate approach, a steadier rupee, and an external current-account gap that remains under control. The current account covers trade in goods and services plus income flows with the rest of the world.
Reserves, debt and external cushions
Officials also spoke about building foreign-exchange reserves, cutting forward currency obligations, and thickening cushions meant to absorb external shocks. On public debt, they stressed healthier sustainability metrics, a lighter interest burden, loans stretched over longer periods, and assurances from bilateral partners that debt would be rolled over rather than suddenly withdrawn.
The same briefing restated Islamabad’s aim to finish the IMF-supported programme, carry out deeper structural policy changes, and lean on exports for growth. The IMF programme is a Fund-backed plan of financing and policy targets.
BB rating and ties with Washington
Aurangzeb also raised commercial and investment links with the United States. He asked Fitch what Pakistan would need to demonstrate to move toward the BB band on the agency’s scale — a higher tier than many lower investment-grade or speculative categories, and one markets often watch when pricing country risk.
How Fitch responds, and whether any formal outlook or rating change follows, will depend on the agency’s own review. The handout did not publish Fitch’s reply.
Aasan alfaaz mein
Wazir-e-finance Aurangzeb aur State Bank ke governor ne Bangkok mein Fitch se mulaqaat ki. Unhon ne bataya ke Pakistan phir bahar se qarz le sakta hai, budget behtar hai, aur reserves tez ho rahe hain. Un ka maqsad IMF programme poora karna aur rating behtar karna hai. Agar rating upar jati hai to mulk ke liye sasta qarz asaan ho sakta hai, lekin abhi Fitch ne koi naya faisla zahir nahi kiya.
