Prime Minister Shehbaz Sharif expressed contentment with the recent decrease in inflation rates, citing the government’s dedication to economic reforms. In a statement released by the Prime Minister’s Office (PMO), PM Shehbaz emphasized the significance of Moody’s recent upgrade of Pakistan’s credit rating as a recognition of the country’s positive economic indicators by international financial institutions. Moody’s upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings, citing improving macroeconomic conditions and better government liquidity and external positions.

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Additionally, Fitch Ratings also upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating. Prime Minister Shehbaz expressed satisfaction with the Consumer Price Index (CPI) easing to 11% in July and anticipated a further decline in August. He reiterated the government’s commitment to economic reforms and emphasized the ongoing implementation of the right-sizing policy. Furthermore, he conveyed confidence in the policy’s positive impact on the economy. The Prime Minister also highlighted the government’s efforts to address the public’s concerns and mentioned the staff level agreement with the International Monetary Fund (IMF) for a $7-billion, 37-month loan program geared toward reinforcing stability and inclusive growth, pending approval by the lender’s Executive Board.