Pakistan's new government may undo damage to ties with US: CNBC.

NEW YORK -- A commentary posted on an American television network's website Tuesday said that a key priority for Prime Minister Shahbaz Sharif's government would be to fix relations with the United States and stabilize the country's economy.

"Pakistan has a new prime minister and this could augur well for the South Asian country's return to a healthier economy and its relations with its traditional supporter, the U.S., as well as its rival, India," wrote CNBC correspondent Ravi Buddhavarapu, who is based in Singapore.

Referring to the recent political developments, he underlined that surprisingly the Pakistan Army stayed in the barracks during the political crisis.

"A decisive intervention by the judiciary was the next surprise," correspondent Buddhavarapu wrote, referring to the Supreme Court's ruling that led to Imran Khan's ouster following the National Assembly's vote of no-confidence, and the subsequent election of Shahbaz Sharif as prime minister.

But the CNBC correspondent quoted Iqbal Singh Sevea, the director of the Institute of South Asian Studies at the National University of Singapore, as saying that Shahbaz Sharif's bid to make Pakistan a "paradise" for investments was not easy.

'He has inherited an economy rattled by a current account deficit and inflation. He will need to increase the state's capacity to accrue revenue through taxation and increase in investment, especially in the export sector,' said the associate professor.

Pakistan is on its 23rd bailout from the IMF, he wrote. The country's economy is under pressure from rising inflation, at over 10% this year, amid spiraling prices of crude oil and other commodities after the war in Ukraine.

Shahbaz Sharif is a known figure internationally, correspondent Buddhavarapu wrote, citing James Schwemlein, a senior director at the Washington-based Albright Stonebridge Group, who pointed to his reputation as a capable administrator.

'Shahbaz Sharif ran Pakistan's largest province, Punjab. He did so largely developing a very positive effect with business. He was responsible for significant infrastructure investment. He's well known to all of the international interlocutors - whether they be American or Chinese,' Schwemlein was quoted as saying.

India, in particular, will be paying attention to the new administration in Pakistan, he wrote.

Former Indian foreign secretary Shashank told CNBC that the way events unfolded in Pakistan is likely to provide an opening for New Delhi to...