Islamabad:The US-based rating agency Standard and Poor’s (S and P) has affirmed ‘B-‘long-term and ‘B’ short-term sovereign credit ratings for Pakistan.

According to an official report quoting a press release issued by S and P said the government had made solid progress toward important fiscal and economic reforms prior to the start of global coronavirus outbreak and reform momentum should return once pandemic is better contained.

The stable outlook reflects expectations that funding from IMF and other partners along with a recent improvement in Pakistan’s balance of payments position, will be sufficient for the country to meet its considerable external obligations over the next 12 months. The agency said Pakistan had made progress toward consolidating its fiscal accounts during first nine months of its Extended Funding Facility program with the IMF.