Fitch

Upgrade signifies improvement in Pakistan's external liquidity, funding conditions strengthened by IMF agreement

Analysis based on worsening terms of trade, increased flow of dollars into Afghanistan, says rating agency

Keeps in view govt, private sector’s determination to ramp up spending

Says a further cut can follow as it keeps rating on negative outlook

Saudi finance ministry expresses disappointment, urges Fitch to reconsider move

Research house believes central bank will not hike interest rate further

Country’s capacity to repay weakens due to fast declining foreign currency reserves

Amid depleting reserves, govt has decided to tap international debt markets again

Cites partial reversal of gains since the end of IMF’s three-year loan programme

Agency expects growth to reach 5.3% in FY17, influx of investment linked to CPEC

The agency is now forecasting a three percent deficit for the Belgian budget in 2016