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Monday Dec 02 2019
Web Desk

Moody's bumps up Pakistan outlook from negative to stable

Web Desk
A Moody's sign on the 7 World Trade Center tower in New York, US, August 2, 2011. REUTERS/Mike Segar/Files

KARACHI: Credit rating agency, Moody's Investors Services, on Monday revised upwards Pakistan's outlook from 'Negative' to 'Stable'.

Moody's announced bumping Pakistan's outlook rating in a report released Monday, affirming a B3 rating for the country and 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.