Moody’s affirmed the Government of Pakistan’s B3 local and foreign currency issuer and senior unsecured debt ratings changed the outlook to negative from stable.

The decision to change the outlook to negative is driven by Pakistan’s heightened external vulnerability risk Uncertainty around the sovereign’s ability to secure additional external financing to meet its needs Pakistan’s external vulnerability risk has been amplified by rising inflation.

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This will puts downward pressure on the current account, the currency and – already thin – foreign exchange reserves, especially in the context of heightened political and social risk.

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Pakistan’s weak institutions and governance strength adds uncertainty around the future direction of macroeconomic policy, including whether the country will complete the current IMF Extended Fund Facility (EFF) programme and maintain a credible policy path that supports further financing.

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