Moody’s Investor Services’ raising Pakistan’s economic outlook from negative to stable is a sign of the country’s economic stability and, without any doubt, the credit goes to the government’s reform process. The international credit rating agency sees visible improvements in the balance of payments, the leading factor behind the rating improvement. Forecasting a continuous decline in the current account deficit in the ongoing and coming fiscal years, the rating agency expected it “averaging around 2.2 per cent of GDP, from more than 6pc in FY18 (the year ending June 2018) and around 5pc in FY19.” The development has attracted words of appreciation at home and abroad as the World Bank and the Asian Development Bank have also spoken highly of the Pakistan’s economic direction. State Bank Governor Baqir Raza said the turnaround in the rating reflected the improving market sentiment and a growing reflection that the country’s finances are on a sustainable footing. US State Department South Asia Affairs in charge Alice Wells credited the finance ministry’s reform efforts and the International Monetary Fund programme for the success. In a tweet, she said: “With bold economic reforms, Pakistan can boost growth, attract private capital, and expand exports.” The rating is likely to improve Pakistan’s standing internationally, while on the domestic front, economic reforms have improved exports, declined expensive imports, giving an edge to domestic industries to compete. For these reasons, the current account deficit stood in surplus for the first time in four years this October. It is, however, not out of place to remind the economic policymakers that once celebrations over international and national economic successes are over, they should turn to translating these gains into relief for middle and lower income classes. Economic reforms were, of course, the much needed course of the hour, but several businesses coming under the knife of reforms have passed on their burden to the commoners. The benefits of reforms have not been able to defeat higher indirect taxes and higher inflation. It is weird to link inflation to suspended trade with India or lack of administrative control over supply systems. Prime Minister’s Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh and Revenue Minister Hammad Azhar have predicted a decline in inflation by February. The common man wants sustainable growth that can make a turnaround in his life as well. *