Saudi Delegation to Visit Pakistan Ahead of $2 Billion Agreements, Says PM Shehbaz
Prime Minister Shehbaz Sharif announced on Tuesday that Pakistan is set to sign agreements worth approximately $2 billion with a visiting Saudi delegation later this month. The delegation is expected to arrive before the Shanghai Cooperation Organization (SCO) meeting, which Pakistan will host from October 15-16.
Led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, the Saudi delegation is scheduled to visit Pakistan from October 9 to 11. The delegation is anticipated to include representatives from both government agencies and the private sector, highlighting the strengthening of economic ties between Pakistan and Saudi Arabia.
During a federal cabinet meeting, the prime minister noted several positive developments, including assistance from China, the UAE, and Saudi Arabia, which helped Pakistan secure the International Monetary Fund (IMF) program by providing essential financing assurances. He also highlighted the success of the recent visit from the Malaysian prime minister and the forthcoming Saudi delegation.
Addressing recent PTI clashes with the police in Islamabad related to the SCO meeting, the prime minister remarked that such actions were an attempt to “stay relevant” amid improving economic conditions. He emphasized that these disruptions are jeopardizing the country’s growth and the successful initiation of the IMF program.
In August, Pakistan had requested Saudi Arabia to increase its lending by approximately $1.5 billion from an existing $5 billion portfolio to help bridge the external financing gap needed for the IMF’s 37-month bailout package. Saudi Arabia, along with China and the UAE, has confirmed a $12 billion loan rollover to Pakistan.
Finance Minister Muhammed Aurangzeb, during a televised address, highlighted the economic repercussions of the recent unrest, noting that clashes in Islamabad and attacks in Karachi have caused significant human and economic losses. He pointed out that about 800,000 families have been affected in Islamabad alone and warned of an estimated loss of Rs190 billion per day due to disruptions.
Regarding the tragic attack in Karachi that resulted in the deaths of two Chinese nationals, Aurangzeb expressed condolences and emphasized the importance of maintaining stability for economic progress. He urged the public to consider the impact of protests on the economy, appealing for dialogue and cooperation instead.
