Agost Benard Quotations

We have yet to see how the law is going to be implemented, how much revenues would it generate and how these additional collections would be spent.

The outlook could revert to stable if substantial and tangible progress is achieved in maintaining the official cease- fire.

What we would look for is a gradual phasing out of the fuel subsidy and a more effective and coordinated policy response from the government and monetary authorities as and when shocks arise. Shocks such as high oil prices, a classic case of external shock, caught the government by surprise.

have tended to be slow, reactive, and incremental over the past year.

Local and provincial governance needs to be improved. There will have to be hard budget constraints.

The ratings on Sri Lanka are vulnerable due to the country's high government debt and ongoing large fiscal deficits.

The fact that the suspension is lifted is obviously very positive news.

The government will respond in a more prompt and appropriate way. They will be in a better position to handle whatever shock may come their way.

What is important is the process of charter change itself as well as the outcome, whether it will materialize or not, does not affect this policy making economic reforms, especially fiscal consolidation.

The stable outlook reflects revised expectations concerning the prospects of policy continuity and adherence to fiscal consolidation, which foreshadows improved chances for overall deficit reduction and stabilization of the country's debt dynamics.

A resumption of full-scale hostilities could have negative implications for the country's already stressed fiscal and debt position, and likely impair its previously adequate level of external balances.

Sharp declines in the government?s external debt indicators and structural improvements that, over time, should help Pakistan?s export capacity motivated the change in outlook for the foreign currency rating.

In light of the bank's public policy role and the track record of strong support from the Indian government, Standard & Poor's equalizes its ratings on India EXIM with those on the sovereign.

In a rapidly evolving environment such as that which we are facing in the global energy markets, the inability to craft and implement appropriate policy measures leaves fiscal and external balances exposed. This could ultimately threaten to undo the macroeconomic stability achieved in recent years.

If you look at the state of the value-added-tax, it has been subject to a lot of delays and setbacks, so we won't know if it will be implemented until it happens,

The downward trend in deficit reduction must be continued to warrant an upgrade. Something must be done to increase revenues and not in decreasing expenditures. Its underlying trends and processes that really drive our view on credit ratings versus the actual numbers per se.

The main reason for a slower pace of issuance appears to be a general trend of increased fiscal consolidation by governments in terms of GDP (Gross Domestic Product), especially among some of the largest borrowers.