KARACHI, Pakistan

Rating agency Moody’s has upgraded Pakistan’s outlook from “negative” to “stable”, a significant sign of stabilization vis-à-vis the country’s otherwise ailing economy.

The agency also maintained the country’s B3 rating.

“Moody’s upgrades Pakistan’s outlook to B3 ‘Stable’ from ‘Negative’. The upgradation of outlook to Stable is affirmation of Government’s success in stabilising the country’s economy and laying a firm foundation for robust long term growth,” Finance Minister Hafeez Shaikh said in a Twitter post.

Pakistan’s outlook was downgraded to “negative” in June 2018 due to the country’s depreciating foreign reserves, which posed “heightened external vulnerability risk”.

“The change

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