Disinflation and reserve accumulation drive the upgrade. High inflation and sustained external and financial stability vulnerabilities remain key challenges.

More effective economic policies supporting external rebalancing and liquidity buffers drives the upgrade. Persistently high inflation remains a challenge.

A durably more restrictive policy stance supporting the gradual rebalancing of the economy underpins the revision of the Outlooks. Persistent external and financial vulnerabilities anchor the ratings.

More conventional monetary policy supporting progressive rebalancing of the economy underpins the revision of the Outlooks. Persistent policy uncertainty amid external and financial vulnerabilities anchors the ratings.

Uncertain policy normalisation, vulnerability to deeper balance of payment and financial crises anchor the Negative Outlooks. Moderate levels of public debt, a resilient banking system, a large and diversified economy support the ratings.