US welcomes Moody’s upgrade in Pakistan’s credit outlook

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Observer Report

Washington

Crediting the finance ministry’s reform efforts and the International Monetary Fund (IMF) programme, the in-charge of South Asia affairs at the US State Department, Alice Wells, on Wednesday welcomed Moody’s revision in Pakistan’s credit outlook.
In a tweet shared by the State Department, Acting Assistant Secretary for South and Central Asia Wells added: “With bold economic reforms, Pakistan can boost growth, attract private capital, and expand exports.”
New York-based credit rating agency Moody’s on Monday raised Pakistan’s economic outlook from negative to stable on the back of the country’s reforms supported by an IMF programme, but kept its credit rating unchanged at B3. The ratings firm said improvements in the balance of payments was a primary driver of the rating action, but added that foreign exchange buffers would still take time to rebuild.