S&P GLOBAL’S decision to upgrade Pakistan’s long-term sovereign credit rating to ‘B’ with a stable outlook from ‘B-’ is welcome news for an economy that has been on the decline due to persistent balance-of-payments pressures for the last four years. The upgrade, after nine years, reflects an improvement in our external position, fiscal management and ability to implement reforms under the IMF programme. It should also make it easier if not cheaper for the country to access international capital. But the rating upgrade is not a clean bill of economic health. If anything, it carries a........

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