ISLAMABAD: The foreign office spokesperson on Tuesday confirmed four Pakistanis have been killed in a shipwreck near the coast of eastern Libya, adding that more information is being collected about the affected nationals. 

Pakistan’s mission in Tripoli reported that a vessel carrying foreign nationals sunk near the Harawa coast in Sirte City, the foreign office spokesperson said.

The statement said a Pakistan embassy team’s visit to Sirte City confirmed 11 bodies of migrants have been recovered from the shipwreck. 

“Of these, 4 have been identified as Pakistani nationals based on their national documents,” the spokesperson said. “Two bodies remain unidentified.”

The statement identified Zahid Mehmood, Sameer Ali, Syed Ali Hussain and Asad Ali as the four victims of the shipwreck. Three of the victims hailed from Pakistan’s eastern city of Mandi Bahauddin while Mehmood belonged to Gujranwala, as per details shared by the Ministry of Foreign Affairs. 

“The Embassy in Tripoli is actively working to gather more information about the affected Pakistani nationals and is in contact with the local authorities,” the spokesperson said. 

The statement said Pakistan’s foreign affairs ministry has activated its Crisis Management Unit to monitor the situation. 

Each year, thousands of Pakistanis pay large sums for risky and illegal journeys to developed countries, hoping to find work and send money back to their families. 

Libyan authorities recovered the bodies of at least 16 Pakistani nationals who had died in a shipwreck near the coast of Libya in February this year, while nearly 10 other Pakistani citizens were missing.

The boat had capsized near the port of Marsa Dela in the northwest of Zawiya city in the Arab country. 

In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel capsized and sank in international waters off the southwestern Greek coastal town of Pylos. It was one of the deadliest boat disasters ever recorded in the Mediterranean Sea.

Pakistan has cracked down and arrested several human traffickers for arranging these dangerous, illegal sea journeys for Pakistani citizens.

KARACHI: Global ratings agency Fitch on Tuesday upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’ citing increased confidence in the country’s progress on narrowing its budget deficits, with Prime Minister Shehbaz Sharif hailing it as a sign of the world’s growing confidence in Pakistan’s economy. 

The upgrade reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, Fitch said.

The agency said though ongoing global trade tensions could create external pressures on Pakistan, its low dependence on exports and market financing should mitigate risks.

“Prime Minister Shehbaz Sharif welcomes the improvement in Pakistan’s economic rating by global credit rating company Fitch,” a statement by the premier’s office said. 

“The improvement in the rating of Pakistan’s economy by international institutions is a manifestation of economic development and the confidence of the world community in Pakistan’s economy,” he added. 

Sharif said his government is working “tirelessly” to further improve Pakistan’s economy. 

Pakistan’s economy had been teetering on the brink of a sovereign default ever since inflation rose to a record high of 38 percent in May 2023 and reserves started declining rapidly. 

However, Pakistan’s economy was provided breathing space thanks in part to a $7 billion bailout program from the International Monetary Fund (IMF).

In March, the IMF reached a new deal with Pakistan which could unlock $1.3 billion in cash. 

Sharif’s government has vowed to implement the financial reforms, which include increasing the country’s tax base and privatizing loss-making entities to ensure sustainable growth.