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Pakistan gets economic boost

Thursday, 12 December, 2002.

Foreign exchange reserves are at an all-time high Pakistan's stock with the international financial community has gone up a notch, improving its chances of securing much-needed inward investment.

The good news comes in the form of an upgrade from credit rating agency Standard & Poor's, which on Thursday announced it was taking a more positive view of Pakistan.

Successful negotiations to reschedule $12.5bn (7.9bn) in external debt mean the country has bigger foreign exchange reserves, which hit an all-time high of $9.01bn in late November.

Foreign exchange reserves are at an all-time high 

 

On top of that, more and more money from overseas is passing through the mainstream banks rather than through informal channels, S&P said.

That could boost confidence among foreign investors and lead to more investment, according to analysts.

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