ISLAMABAD, July 22 (Xinhua) -- Pakistani Prime Minister Shehbaz Sharif on Wednesday welcomed the decision by S&P Global Ratings to upgrade Pakistan's sovereign credit rating from "B-" to "B," describing it as a major milestone for the country's economy.
In a statement issued by the Prime Minister's Office, Sharif said the upgrade reflected growing international confidence in the government's economic policies, fiscal discipline, reform agenda, and sustained efforts to stabilize the national economy.
The prime minister said the improved rating demonstrated that the government's measures to strengthen macroeconomic stability, reform the tax system, reduce the fiscal deficit, and build foreign exchange reserves were moving in the right direction.
Sharif said the government had taken difficult but necessary economic decisions, the positive results of which were now being recognized internationally.
He added that the rating upgrade would help boost the confidence of international investors, create new investment opportunities, and support Pakistan's economic growth.
Sharif reaffirmed the government's commitment to continuing economic reforms aimed at building a sustainable and resilient economy, according to the statement. ■
