The three major credit rating agencies in the world are Moody's, Standard & Poor's (S&P) and Fitch International.

These agencies compile country risk reports and economic ratings of countries that help the IMF, World Bank, Asian Development Bank and other lending international financial institutions. A good rating by these agencies restores investors' confidence in the capital market and bonds. International credit rating agencies have a mechanism for economic rating, but for the first time, the American credit rating agency Fitch International has also taken Pakistan's political situation into account in its country risk report.

Fitch in its report has  warned political risk could threaten the country's economic gains and has said that Imran Khan's release from jail is currently noy in sight, there is possibility that the PML-N government will remain in power for 18 months and will be able to push through the IMF's economic reform agenda, but if for some reason the current government leaves, then as an alternative, new elections will be held. Instead, a technocrat government backed by the military is more likely, but there is no scope for such a government in the constitution. According to the report, Pakistan's current economic situation and political instability can derail the country.  Fitch International has predicted that the dollar could reach 290 rupees by the end of the current year and 310 rupees in 2025. Recently, Finance Minister Muhammad Aurangzeb also gave a briefing to Fitch on the country's economic, political situation and the agreement with the IMF to improve Pakistan's credit rating. These questions are being asked after the recent report of the international organization. Can a credit rating agency include political issues in its report in addition to economic ratings? To analysts, a responsible credit rating agency should not make predictions about political conditions because such predictions undermine the confidence of global financial institutions. According to available informations and sources, the said report is actually not of Fitch International but of its subsidiary Fitch Solutions BMI, which has no particular significance and is a propaganda but Pakistan media presented it as a Fitch report.

Achieving the budget and tax targets under the IMF program appears difficult, but the fiscal deficit is expected to narrow to 6.7 percent from 7.4 percent, the Fitch report said.  In its report, Fitch has forecast Pakistan's GDP growth at 3.2 percent this fiscal year, which was 2.4 percent last year.  The trade deficit may reach 7.7% of GDP due to the increase in the price of oil in the world market. Before the recent report of Fitch International, the international rating agency Moody's said in its report that Pakistan is facing difficulties in external payments. But approval of the IMF program will help Pakistan meet its external financing needs. Moody's has rated Pakistan stable (CAA) while Standard & Poor's (S&P) has upgraded its credit rating from CCC+ to B, indicating Pakistan's ability to service its external debt. Moody's report stated that Pakistan's external debt repayment situation will remain critical in the next 3 to 5 years.

According to Moody's, the IMF's terms include widening the tax net, bringing agriculture, export, retail and real estate sectors out of the fixed tax system into the normal tax system, eliminating all exemptions and preventing losses in the energy sector. Timely increase in energy tariff is included.  According to Moody's, due to additional taxes and expensive energy, social tension will increase among the people, which will create difficulties for the current weak coalition government to implement reforms. The report said that Pakistan needs $21 billion in the current fiscal year and $23 billion in the next fiscal year for external payments, but Pakistan is weak in its ability to meet external financing and may default due to having limited foreign exchange reserves. Pakistan will have to reschedule China's loans to the IMF for its financial assurances, which are about 30 percent of total loans. Finance Minister Muhammad Aurangzeb is on a visit to China for the rescheduling of Chinese loans. Apart from China's loans, Pakistan's foreign loans also include IMF, World Bank and Paris Club loans. Political stability in the country is very important to face all these challenges. In the Fitch report, the biggest threat to the economic recovery is the continued political instability since the elections in February, which is affecting the country's economy and is a major cause of political uncertainty in the country.  Due to the uncertain political situation in the country, economic instability is increasing which Pakistan cannot afford. Meanwhile, according to a media report, the government is considering ending the free electricity supply in government and semi-government institutions and departments, and it is proposed to withdraw this facility from bureaucrats, judges and parliamentarians among others.

In the second phase of reduction in government expenditure. This decision will also be applied to petrol, while it is proposed to provide legitimate facilities for the cultivation of industry and trade, and it has also been decided to check the performance of Nepra and Ogra. It is time to take concrete practical steps by accepting all these proposals without delay. Indispensable need. Economists are already giving these suggestions in the context of returning foreign debts, getting rid of the IMF, increasing the value of the rupee, ending inflation, especially energy prices, social media and worried.  At present, IPPs are the most vocally  criticised in public circles, who are said to have to pay billions of rupees in various installments despite the performance of some of them being zero. The Federation of Pakistan Chambers of Commerce and Industry has announced to file an application against them in the Supreme Court, which includes the demand for an audit of these projects.  Accused of overcharging for products leading to exorbitant bills due to high rates. It is time to take concrete measures based on reality rather than temporary measures to clear foreign debt and save the economy from bankruptcy, which includes the factors of economic growth, increase in per capita income and reduction of inflation.