S&P Global Ratings upgraded Pakistan’s long-term sovereign credit rating from B- to B with a stable outlook, praising stronger institutional capacity and sustained IMF-backed reforms that supported fiscal consolidation and external buffers. The upgrade follows notable improvements in foreign exchange reserves, which rose to about $25.3 billion, and the continued ability to meet IMF targets, underpinning investor confidence and access to international financing. Officials highlighted the reforms’ impact on fiscal discipline, tax reform, and the rebuilding of foreign reserves, as well as the economy’s resilient growth trajectory under IMF programs, with projections of steady expansion in the coming years. Pakistan’s return to international capital markets, including new Eurobond and panda bond issuances, was cited as evidence of diversified external funding and growing market confidence. The upgrades align with expected ongoing reform efforts and macroeconomic stabilization aimed at sustaining growth, liquidity, and debt management.