The international rating agency Moody’s has upgraded the long-term sovereign credit rating of Tajikistan to B2 with a stable outlook, reflecting the country’s improving economic fundamentals and sustained reforms.

According to the National Bank of Tajikistan, this marks the first time Tajikistan has received a B2 rating since it began working with Moody’s in 2014. The upgrade highlights progress in maintaining balanced macroeconomic policies and advancing structural reforms, The Caspian Post reports via Tajik media.

Moody’s pointed to stable economic growth, a strengthened fiscal and financial position, and positive macroeconomic indicators as key factors behind the upgrade from B3 to B2. The agency also emphasized that Tajikistan’s efforts to improve public financial management and reduce debt sustainability risks played an important role in the decision.