Prime Minister Muhammad Shehbaz Sharif on Monday welcomed Bloomberg's recent positive report on Pakistan's economy, saying that the notable decrease in the price of Pakistan's Credit Default Swap (CDS) reflected a consistent increase in global investors' confidence in the country's economic outlook.
According to the report, there has been a significant reduction of 2,200 basis points in the default risk implied in Pakistan's CDS, a press statement issued by the Prime Minister's Office said.
Pakistan is now the second-ranked country among emerging economies, following Turkiye, in the global rankings. "This is great news for our economy," the prime minister said, adding that at the end of the previous government's tenure, the country was on the brink of default.
He said today's report was a crucial milestone and a reflection of the government's journey towards progress.
"With the relentless efforts of the Government of Pakistan and the cooperation of both the Pakistani and global business communities, the promise of Pakistan's development is now on track," the prime minister said. He stressed that this journey of progress would not stop.
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