3 credit rating bodies downgrade Pakistan’s outlook; Currency sees its worst month – Times of India

The three major global rating agencies – Moody’s, then Fitch and now S&P Global – downgraded the country’s long-term rating from stable to negative, citing Pakistan’s deteriorating economic condition. Pakistan’s rupee also had its worst month since 1989 amid concerns over a dollar crunch and delays in the IMF’s bailout deal. The currency fell more than 14% against the dollar in July, ending Friday’s trading at 239 per greenback, the biggest monthly slide since Bloomberg began compiling data in 1989. It is one of the worst currency declines globally for the month.
S&P Global Ratings on Thursday downgraded Pakistan’s credit outlook from neutral to negative, saying the country’s external position was weakening due to higher commodity prices, rupee depreciation and tighter global financial conditions.
The S&P forecast on Pakistan comes a week after international credit rating agency Moody’s downgraded the country’s credit rating to B3 negative, while Fitch downgraded the country’s economy from stable to negative.
Army chief’s job not to reach US on IMF deal: Imran
Former PM Imran Khan on Saturday slammed Army Chief General Qamar Bajwa for seeking US help on IMF’s bailout package, saying it is not the army chief’s job to deal with economic matters and his intervention means the country is weakening. Is. And that neither foreign governments nor the IMF trust the current government.