ISLAMABAD: Pakistan’s Caretaker Commerce Minister Dr. Gohar Ejaz on Wednesday discussed enhancing bilateral trade and investment with Saudi Arabia in various sectors such as construction, infrastructure and digital economy, the commerce ministry said.
Ejaz met Saudi Arabia’s commerce minister, Majid bin Abdullah Al-Qasabi, as he led a delegation of prominent Pakistani businesspersons in the kingdom on Wednesday. Members of the delegation included notable Pakistani businessperson Arif Habib and the president of the Federation of Pakistan Chambers of Commerce and Industry, (FPCCI) Atif Ikram.
“Pakistan and Saudi Arabia agreed on enhancing bilateral trade,” Pakistan’s commerce ministry said. “The two sides agreed to enhance investment in the fields of construction, digital economy and infrastructure.”
In a message on social media platform X, Al-Qasabi said he and Ejaz discussed developing bilateral trade relations and “investing in promising opportunities” in the two countries.
Last year a delegation of 15 top Pakistani IT companies led by IT Minister Dr. Umar Saif visited Saudi Arabia and signed deals to accelerate digital transformation, foster innovation and advance digital infrastructure.
The agreements will also boost the ecosystems for small and medium-sized enterprises and startups and encourage the transfer of businesses and the exchange of information on accelerators and incubators.
Both countries have also decided to establish a special task force to promote Saudi-Pakistan digital cooperation.
Pakistan enjoys strong economic and trade relations with Saudi Arabia. The kingdom is home to over 2.7 million Pakistani expatriates, serving as the top source of remittances for the cash-strapped South Asian country.
Saudi Arabia has also frequently bailed Pakistan out of its economic crisis over the years, serving as an important strategic partner for the South Asian country.
Pakistani, Saudi commerce ministers agree to enhance bilateral trade, investment
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Pakistani, Saudi commerce ministers agree to enhance bilateral trade, investment
- Commerce Minister Dr. Gohar Ejaz is leading a delegation of prominent Pakistani businesspersons in Saudi Arabia
- Both sides agreed to increase investment in construction, digital economy sectors, says Pakistani commerce ministry
Fitch affirms Pakistan’s ‘B-’ rating, flags debt risks
- Rating agency assigns ‘RR4’ recovery score under new criteria
- Future rating moves tied to debt reduction and reserve recovery
ISLAMABAD: Fitch Ratings on Wednesday affirmed Pakistan’s long-term sovereign debt rating at “B-,” keeping the country in high-risk territory but signaling no immediate default threat, and assigned a “RR4” recovery rating, a measure of how much investors might recover if the country were to default, following a review under its updated sovereign rating criteria.
Fitch is one of the world’s three major credit rating agencies and its sovereign ratings are closely watched by investors because they affect a country’s access to international capital markets and the cost of borrowing.
Pakistan’s rating was last upgraded in April 2025 to “B-” from “CCC+,” reflecting improved macroeconomic stability after a period of severe financial stress.
“Fitch Ratings has affirmed Pakistan’s long-term debt ratings at ‘B-’ and assigned a Recovery Rating of ‘RR4,’” the agency said in a statement.
It said the action reflects the application of its new Sovereign Rating Criteria, effective September 2025, and the inclusion of recovery assumptions in sovereign debt ratings for the first time.
A “B-” rating means the country remains vulnerable to economic shocks but is currently meeting its debt obligations. The “RR4” recovery rating suggests “average recovery prospects” for holders of Pakistan’s bonds and sukuk if the country were to default.
The agency warned Pakistan’s rating could be downgraded if public debt and debt-servicing costs fail to remain on “a firm downward path,” or if external liquidity weakens.
On the positive side, it said an upgrade could be supported by “significant declines in government debt and debt-servicing burdens,” structural improvements in tax revenue collection, and a “sustained recovery in foreign-currency reserves” beyond current forecasts.
Pakistan is implementing structural economic reforms under a $7 billion International Monetary Fund (IMF) loan program agreed after prolonged political and economic turmoil.
While the country has faced high inflation, currency pressure and weak growth in recent years, authorities say tighter fiscal policy and external support have helped improve key macroeconomic indicators.
