Portrait of an Ascending Sovereign Credit

1. Overview: Portrait of an Ascending Sovereign Credit 2. The Economy: Flexible and Resilient Economy 3. Banking Sector: Well-Capitalized and Liquid 4. Fiscal policy: Disciplined Approach Holds Stable Credit Profile 5 10 9 14 20 5. New Reform Push: Targets Productivity and More Inclusive Growth 6. Government Debt and Funding Strategy 23 28 7. Conclusion 34

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