According to Bloomberg’s CDS-implied data, Pakistan has become one of the world’s leading countries in lowering the risk of sovereign default, coming in second overall.  Credit Default Swap (CDS) costs have dropped sharply, indicating that investors view Pakistan as much less risky.  The country’s default probability decreased by 2,200 basis points over the last 15 months, outpacing that of significant emerging markets such as South Africa and El Salvador.  Stronger investor confidence, macroeconomic stabilization, structural reforms, prompt debt servicing, and compliance with IMF programs are all factors in this improvement.  Pakistan’s consistent recovery and increasing credibility in international financial markets are further highlighted by the positive ratings from S&P, Fitch, and Moody’s.