Pakistan is set to sign agreements valued at approximately $2 billion with a visiting Saudi delegation later this month, as announced by Prime Minister Shehbaz Sharif on Tuesday.
The delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, is expected to arrive in Pakistan from October 9 to 11, ahead of the Shanghai Cooperation Organisation (SCO) meeting that the country will host on October 15-16. The visit will feature representatives from both government agencies and the private sector, indicating a significant expansion of economic ties between Pakistan and Saudi Arabia.
During a federal cabinet meeting, the Prime Minister highlighted several positive developments, including support from China, the UAE, and Saudi Arabia, which played a crucial role in helping Pakistan secure the International Monetary Fund (IMF) program by providing timely confirmations of necessary financing assurances.
Additionally, he noted that the Malaysian Prime Minister’s recent visit was “very successful” and that a Saudi delegation was en route to Pakistan.
Regarding clashes between Pakistan Tehreek-e-Insaf (PTI) supporters and police in Islamabad during the SCO meeting, the Prime Minister emphasized that these actions were aimed at “staying relevant” in light of improving economic conditions. He remarked, “This is the same steps being taken again as the IMF programme has been started successfully, inflation has decreased and exports are increasing,” adding that their “homegrown growth programme is being sabotaged.”
Read more: Pakistan’s struggling economy: Deal with IMF done, China to give loan
In August, it was reported that Pakistan had requested Saudi Arabia to increase its lending by approximately $1.5 billion, extending its existing $5 billion portfolio to help close the external financing gap required for the IMF’s 37-month bailout package. All three of Pakistan’s friendly bilateral partners—Saudi Arabia, China, and the UAE—had confirmed to the IMF their commitment to rolling over $12 billion in loans to Pakistan.
