B. Implementation of structural reforms under the IMF program
C. Significant decline in government debt-to-GDP ratio
D. Improvement in fiscal discipline and narrowing of budget deficits
Explanation
Fitch Ratings upgraded Pakistan's credit rating from 'CCC+' to 'B-' in April 2025, citing several key factors:
Improved Fiscal Discipline: The government's efforts to narrow budget deficits and implement structural reforms under the IMF program contributed to the upgrade.
Structural Reforms: Pakistan's commitment to implementing structural reforms, including agricultural tax legislation and fiscal consolidation measures, was recognized by Fitch.
Economic Indicators: Positive economic indicators, such as a reduction in the government debt-to-GDP ratio and improved fiscal performance, supported the rating upgrade.
