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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Moody's ups Pakistan outlook on IMF loan increase Reuters - Monday, August 17 HONG KONG/KARACHI, Aug 17 - Moody's Investors Service said on Monday it has raised its rating outlook for Pakistan to stable from negative after the country received a bigger loan from the International Monetary Fund. ADVERTISEMENT "The stable outlook was prompted by the recent augmentation of Pakistan's IMF program by $3.2 billion to more than $11 billion, and several ongoing policy and structural reforms" Aninda Mitra, Moody's analyst for Pakistan, said in a statement. Pakistan obtained a $7.6 billion IMF emergency loan package last November to avert a balance of payments crisis. The loan was increased to $11.3 billion on July 31. It received $1.2 billion from the IMF, the third tranche, last week. [ID:nSIN292445] Pakistan's foreign exchange reserves were $11.85 billion in the week that ended on Aug. 8, compared with $6.6 billion in November of last year. The transfer of $1.2 billion will be reflected in this week's data due on Thursday. Mitra added that remittance inflows from overseas Pakistanis had remained strong. Pakistan received a record $747.22 million in remittances from citizens overseas in July, compared with $627.21 million in July 2008, the State Bank of Pakistan said last week. Analysts said the change in Pakistan's outlook was a positive development but a rating upgrade would be needed to attract foreign investment. "This is a positive development and after the IMF's additional fund, this was expected," said Mohammed Sohail, chief executive at Topline Securities Ltd. "However, Pakistan's rating is still many notches below what is needed to attract foreign investment." Moody's last action on Pakistan was in December when it changed its outlook to negative following a review for possible downgrade from its B3 rating. (Reporting by Sahar Ahmed & Jun Ebias; Editing by Tomasz Janowski) Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business FACTBOX-Growth rates in G7 countriesReuters - Tuesday, August 18 Novartis says FDA approves interferon drug for MSAP - Tuesday, August 18 FTSE drops 2 pct; miners, banks under pressureReuters - Tuesday, August 18 Lowe's 2Q profit misses expectations; shares fallAP - Tuesday, August 18 Volkswagen global July deliveries increase 6.7 pctAP - Tuesday, August 18 Most Popular – Business Viewed In death, as in life, Jackson surrounded by wackiness Millions of salmon fail to turn up in Canada Don't brush with baldness: put down that comb Obamas marvel at Grand Canyon Singer George Michael arrested after car crash View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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