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PM Resolves to Transform Pakistan-UAE Ties into Mutually Beneficial Economic Partnership

Prime Minister Shehbaz Sharif has reaffirmed Pakistan's commitment to enhancing its economic relationship with the United Arab Emirates (UAE), emphasizing the need to transform bilateral ties into a mutually beneficial economic partnership. During a recent meeting with Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the Prime Minister highlighted the importance of deepening cooperation in various sectors, including trade, investment, and technology. The Prime Minister's visit to the UAE comes at a time when both nations are looking to strengthen their economic ties. Sharif expressed his desire to expand collaboration in diverse fields, particularly in trade and investment, which are crucial for both countries' economic growth. He noted that the UAE is one of Pakistan's largest trading partners and a significant source of foreign investment, making it essential to foster a robust economic relationship. In addition to trade, the discussions also focused...
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Fitch upgraded Pakistan’s ranking.

 Fitch Ratings recently upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'CCC' to 'CCC+', reflecting improved confidence in the country's external funding prospects and fiscal management. This positive shift follows Pakistan's agreement with the International Monetary Fund (IMF) on a new 37-month Extended Fund Facility (EFF) worth $7 billion, which aims to stabilize the economy and address fiscal challenges.


The upgrade is attributed to several factors, including Pakistan's successful performance under the previous IMF arrangement, which helped narrow fiscal deficits and rebuild foreign exchange reserves. This progress has increased certainty over the continued availability of external funding, which is crucial for the country’s economic stability.


Support from international creditors, including China, Saudi Arabia, and the UAE, has also played a significant role. These nations have provided substantial financial backing, aiding Pakistan in managing its foreign debt obligations. The country is also implementing key economic reforms, such as widening the tax net and reducing energy subsidies, to enhance fiscal discipline.


Despite the positive outlook, challenges remain. Fitch notes the volatile political climate and substantial external financing requirements pose risks to program implementation. However, the approval of the IMF agreement is expected to catalyze other funding sources, anchoring policies around the upcoming parliamentary elections.


This rating upgrade has had an immediate positive impact on Pakistan's financial markets, with dollar bonds showing gains. Investors are cautiously optimistic as the nation continues to navigate its economic recovery amidst these significant reforms and external financial support.

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