Renegotiation of the IMF programme and strong commitment to reform drive the Outlook change. Weak debt affordability and high government debt remain credit challenges.

Additional financial assistance and robust relations with international partners support the ratings. Weakening debt affordability and high external liquidity risk remain credit challenges.

Higher external liquidity risk and weakening debt affordability amid limited progress on reforms drive the downgrade. A resilient economy and robust relations with official creditors support the ratings.

A resilient economy, robust relations with international partners, and a record of reforms support the ratings. Elevated external financing requirements, large fiscal deficits, high public debt, and weak governance are challenges.