Pakistan is set to sign agreements totaling approximately $2 billion with a visiting Saudi delegation later this month, Prime Minister Shehbaz Sharif announced on Tuesday.
The Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, will visit Pakistan from October 9 to 11, ahead of the Shanghai Cooperation Organization (SCO) meeting hosted by Pakistan on October 15-16.
This delegation will include representatives from both governmental agencies and the private sector, marking a significant step towards expanding Pakistan-Saudi economic ties. During a recent federal cabinet meeting, Prime Minister Shehbaz highlighted several positive developments, noting that China, the UAE, and Saudi Arabia played crucial roles in helping Pakistan secure the International Monetary Fund (IMF) program by providing timely financing assurances.
Additionally, the Prime Minister remarked on the successful visit of the Malaysian Prime Minister and reiterated the importance of the upcoming Saudi delegation’s visit.
Regarding clashes between the Pakistan Tehreek-e-Insaf (PTI) party and police in Islamabad during the SCO meeting, Prime Minister Shehbaz emphasized that such actions were an attempt to “stay relevant” as the economy improves. He pointed out that with the successful initiation of the IMF program, decreasing inflation, and increasing exports, efforts to disrupt the government’s “homegrown growth program” are counterproductive.
In August, Pakistan requested Saudi Arabia to increase its lending by approximately $1.5 billion, raising its existing portfolio from $5 billion to help address the external financing gap needed for the IMF’s 37-month bailout package. Saudi Arabia, along with China and the UAE, confirmed to the IMF their commitment to a $12 billion loan rollover to support Pakistan.
