Prime Minister Shehbaz Sharif has welcomed the decision of international credit rating agency S&P Global Ratings to upgrade Pakistan's sovereign credit rating from 'B Minus' to 'B'.

In a statement today, he described the development as a significant milestone for the country's economy.

The Prime Minister said the upgradation reflects the international community's confidence in the government's effective economic policies, fiscal discipline, reform agenda and sustained efforts to stabilize the national economy.

He said the improvement in Pakistan's sovereign credit rating is evidence that the government's measures to strengthen economic stability, improve the tax system, reduce the fiscal deficit and build up foreign exchange reserves are moving in the right direction.

Shehbaz Sharif said the government took difficult but necessary economic decisions, the positive results of which are now being recognized at the global level.

He expressed the confidence that the upgrade rating will further boost international investors' confidence, create new investment opportunities and accelerate Pakistan's economic growth.

He appreciated Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, the government's economic team and all relevant institutions for their contributions to this achievement.

The Prime Minister reaffirmed the government's commitment to continue the process of economic reforms with determination to build a strong and sustainable foundation for Pakistan's economy.