Fitch Ratings on Monday upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC’ from ‘CCC-’ reflecting reduced external financing risks with improved external liquidity and funding conditions following recent staff-level agreement (SLA) with the IMF on a nine-month Stand-by Arrangement (SBA) in June. “We expect the SLA to be approved by the IMF board in July, catalys