ISLAMABAD: Moody’s Investors Service (MIS) in its latest report on Wednesday said that Pakistan’s B3 rating balances strengthening growth and progress on structural reforms. Moody’s conclusions were contained in its just-released Credit Analysis “Government of Pakistan B3 Stable”, which looks at the country’s credit profile in terms of economic strength. .Moody’s assessment of Pakistan’s “Moderate” economic strength encompasses the sovereign’s very low per capita incomes and the large size of its economy. The economic output has picked up over recent years and is now rising at a relatively healthy pace. The Moody said that the GDP growth has edged up to average 4.1 percent year-on-year since fiscal year 2014 from 3.4 percent between fiscal year 2010-13. The Moody report said the implementation of the China-Pakistan Economic Corridor (CPEC) would likely support activity further and in concert with energy sector reforms will improve the operating environment for investment. Moody’s assessment of institutional strength as, “Very Low” reflects Pakistan’s weak but improving rankings on governance survey indices specifically the World Bank’s worldwide governance indicators. It also took into account the central bank’s management of inflation and monetary policy and progress on reforms under the ongoing IMF programme. Moody’s “Very Low (-)” assessment of Pakistan’s fiscal strength reflects the country’s moderately large debt burden and weak revenue base, which lower debt affordability relative to peers. Moody further said that the share of foreign currency debt to total general government debt has considerably declined in the last five years.