Pakistan experienced unprecedented economic growth during FY 2004. Its large-scale manufacturing sector grew at a rate of over 18%. Hard-currency reserves, having grown phenomenally in recent years, reached record levels. GDP growth reached 8.4% in the twelve months ending June 30, 2004. Pakistan's stock market has been one of the best-performing stock markets this century, as of 2005. The government's credit rating was upgraded by Moody's and Standard & Poor's. Pakistan announced that it no longer needed International Monetary Fund (IMF) assistance. The government's economic reforms were praised highly by supranational institutions such as the World Bank, IMF and the Asian Development Bank.
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