ISLAMABAD: Prime Minister Shehbaz Sharif has applauded the World Bank’s principled support for Pakistan’s legitimate position in the light of India’s unilateral and illegal actions that undermine important international agreements such as the Indus Waters Treaty.
Talking to World Bank’s Regional Vice President for the Middle East, North Africa, Afghanistan and Pakistan Ousmane Dione, the prime minister emphasized Pakistan’s determination to resolve issues through dialogue. He also reiterated Pakistan’s commitment to upholding international law, achieving prosperity and maintaining regional peace.
The prime minister was also appreciative of the strategic role of the Country Partnership Framework in supporting Pakistan’s development priorities, especially in the sectors of energy, human development, climate change and governance reforms.
He expressed his gratitude for the World Bank’s timely and generous support during the devastating floods of 2022, which enabled Pakistan to initiate immediate relief efforts as well as reconstruction and rehabilitation activities.
The World Bank’s regional vice president reaffirmed commitment to strengthening and expanding longstanding partnership with Pakistan and supporting key sectors of the economy. He commended Pakistan’s ongoing macroeconomic recovery and lauded the government’s efforts to lead the country toward financial stability and sustainable development.
The two sides also expressed a joint resolve to further strengthen their cooperation in the coming years to achieve long-term development goals and build a prosperous future for the people of Pakistan.
Meanwhile, S&P Global Ratings upgraded Pakistan’s credit rating, citing better financial conditions in a boost for the government’s efforts to bolster the South Asian country’s economy, according to Bloomberg. It upgraded Pakistan to ‘B-’ from ‘CCC+’, with a stable outlook on its long-term rating. Other countries that S&P rates similarly are Nigeria, Egypt, Kenya and Ecuador. Most dollar bonds extended gains.
“Though debt-servicing costs remain hefty, the government’s efforts to expand revenue and more benign inflation are hastening the pace of fiscal consolidation,” the S&P said in a statement. The strengthening of its fiscal position will persist over the next 12 months to meet its considerable debt obligations, they added. The ratings action comes months after an upgrade by Fitch Ratings that sees Pakistan sustaining reforms undertaken as part of a loan programme with the International Monetary Fund.
Read more: Govt Moving For Economic Development Of Merged Districts In KPK: Premier
