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Pakistan Upgraded to B by S&P
July 23, 2026
Pakistan was upgraded by a notch to B from B- by S&P. The upgrade reflects strengthened institutional capacity that has helped implement critical IMF Extended Fund Facility reforms, leading to quicker fiscal consolidation and rebuilding external buffers. Foreign reserves, including gold holdings, climbed to $25.3bn as of the end-June 2026, sufficient to cover $16.4bn in external principal payments over the next 12 months. The government deficit is forecast at 4% of GDP in fiscal 2027. Net general government debt-to-GDP is projected to rise by an average annual rate of 4.2% through fiscal 2029. GDP grew 3.6% in fiscal 2026, with 3.5% growth projected for fiscal 2027. Inflation came in at 7.2% for fiscal 2026, and is expected to settle near 6.5% by fiscal 2029. Interest payments are set to decline to an average of 38% of revenue over the next three years from a peak above 60% in fiscal 2024. In April 2026, Pakistan issued a $750mn eurobond and an inaugural panda bond.
Its 7.375% 2031s were stable at 98.9, yielding 7.7%.
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