Fitch Ratings has reaffirmed Pakistan's long-term foreign currency issuer default rating at B- with a stable outlook, citing progress on fiscal consolidation and macroeconomic stabilisation broadly aligned with the country's IMF programme. The agency noted that rebuilt foreign exchange reserves offer a buffer against Middle East-related disruptions, though it flagged Pakistan's heavy dependence on Gulf oil — sourcing up to 90% of its supply from the region — as a significant vulnerability to energy shocks and potential supply constraints through the Strait of Hormuz. Fitch projected GDP growth of 3.1% for fiscal year 2026 and forecast inflation averaging 7.9%, warning that rising external debt repayments and a narrowing primary surplus pose ongoing risks to fiscal stability.