Islamabad: Pakistan has emerged as the world’s second most improved economy in terms of reduced sovereign default risk, according to the latest data from Bloomberg. This development, shared by Khurram Schehzad, an advisor to the country’s finance minister, places Pakistan just behind Turkiye in the Global Emerging Market Rankings.

Over the past 15 months, Pakistan has experienced one of the most significant declines in sovereign default risk worldwide. It is the only nation in the emerging market sample to demonstrate consistent quarterly improvements throughout the past year.

The country’s economic advancement is attributed to several factors, including increased investor confidence, macroeconomic stabilization, and effective structural reforms. Additionally, timely debt servicing and adherence to the International Monetary Fund’s program have played critical roles.

Pakistan has also benefited from positive evaluations by international rating agencies such as S and P, Fitch, and Moody’s, contributing to its improved standing in the global financial landscape.