US welcomes improvement in Pakistan’s credit outlook by Moody’s


US welcomes improvement in Pakistan’s credit outlook by Moody’s

WASHINGTON: United States Principal Deputy Assistant Secretary for South and Central Asian Affairs Alice Wells on Wednesday welcomed the improvement in Pakistan’s outlook by credit rating agency Moody’s.

Wells, in a tweet issued on behalf of her by the US State Department said, “With bold economic reforms, Pakistan can boost growth, attract private capital, and expand exports.”

The US diplomat credited the change due to the the reforms undertaken by the finance ministry and the recent International Monetary Fund programme implemented by the country.

Moody’s Investors Services on Monday had revised Pakistan’s outlook from ‘Negative’ to ‘Stable’.

It announced bumping Pakistan’s outlook rating in a report and affirmed 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.