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Pakistan outlook revised up from negative to stable, says Moody's

The News 2019-12-02 20:38:44
A Moody's sign on the 7 World Trade Center tower in New York, US, August 2, 2011. REUTERS/Mike Segar/Files

Pakistan outlook revised up from negative to stable, says Moody's

KARACHI:  Pakistan's outlook has been revised up from 'Negative' to 'Stable', credit rating agency Moody's Investors Services announced on Monday.

In a report released Monday, Moody's said it was bumping up Pakistan's outlook rating  and affirming a B3 rating for the country, confirming that the economy's future look stable as opposed to negative earlier.

The credit rating agency said it had positively revised the outlook in light of further improvement in Pakistan's balance of payments. Although the foreign exchange reserves were still low and that it would take time for the figure to boost, it said the policy adjustment and free floating — or flexible — exchange rate would help enhance the balance of payments.

In this regard, Prime Minister Imran Khan's finance adviser, Dr Abdul Hafeez Sheikh, said Moody's decision to bump up the country's outlook corroborates the incumbent government's success in stabilising the economy.

Moody's move has laid a strong foundation for long-term growth, he added.