Islamabad: Prime Minister Muhammad Shehbaz Sharif on Monday welcomed a recent report by Bloomberg that indicates a positive turn in Pakistan’s economic prospects. The report highlighted a significant reduction in the risk of default, as evidenced by a 2,200 basis point decrease in the price of Pakistan’s Credit Default Swap (CDS).

The decline in CDS pricing reflects a growing confidence among global investors in Pakistan’s economy. Prime Minister Sharif noted that this improvement places Pakistan as the second country among emerging economies, just behind Turkiye, in global rankings.

In a statement issued by the Prime Minister’s Office, Sharif emphasized that this development marks a crucial milestone, signifying the government’s progress in stabilizing the economy. He remarked on the challenging position inherited from the previous administration, which had left the country near default.

Sharif attributed the positive shift to the persistent efforts of the government, alongside the support of both domestic and international business communities. He expressed optimism about Pakistan’s developmental trajectory, affirming that the journey towards economic progress will continue unabated.

The Prime Minister’s comments underscore the strategic measures undertaken by the current administration to bolster economic stability and attract foreign investment, marking a pivotal moment in Pakistan’s economic narrative.