Oil refinery project: Chinese team visits Gwadar
In order to materialise the $4.5 billion oil refinery project in Gwadar,...
Moody's Investors Services upgraded Pakistan's outlook from 'negative' to 'stable', reaffirming the country's rating of B3, the announcement came on Dec 2. Moody's had downgraded Pakistan's ratings outlook to negative last year in June, citing heightened external vulnerability risk due to depleting foreign exchange reserves. "The change in outlook to stable is driven by Moody's expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility. Such developments reduce external vulnerability risks, although foreign exchange reserve buffers remain low and will take time to rebuild," said Moody's statement.
