Cost of running civil govt rises 16pc, crosses Rs1tr for first time; fiscal deficit shrinks to 2.6pc on the back of provincial surpluses, lower interest bill.
Political stability drove July's upgrade to 'B', the highest since 2016, but investment grade remains "multiple notches away", which needs stronger institutions with sustained annual growth of 4-5% or more, says Yee Farn Phua, Director of Sovereign Credit Ratings