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Wednesday, May 22, 2024

Pakistan & Saudi Arabia eager to strengthen bilateral ties

The Prime Minister thanked the Saudi Crown Prince's recent support for the stability and development of Pakistan's economy.

Pakistan and Saudi Arabia have reaffirmed the resolve to further strengthen their strong and longstanding bilateral ties.

In a telephone call, Prime Minister Shehbaz Sharif and Saudi Crown Prince Muhammad bin Salman bin Abdulaziz Al-Saud exchanged views on issues of mutual interest.

According to the details, PM Shehbaz Sharif conveyed his deep respect to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz. Meanwhile, the Crown Prince congratulated the prime minister and the people of Pakistan on the 75th anniversary of Pakistan’s independence.

Read more: Saudi Arabia announces financial support for Pakistan

The prime minister and the Crown Prince reviewed the progress made on the decisions taken by the two sides during the visit of the Prime Minister in April 2022. They resolved to expedite the ongoing cooperation in investment, energy, and trade fields.

The Prime Minister thanked the Saudi Crown Prince’s recent support for the stability and development of Pakistan’s economy. He also invited the Crown Prince to visit Pakistan soon which was accepted by him.

Renewing $3bn deposit

Pertinent to mention that Saudi Arabia plans to renew its $3 billion deposit in assistance to Pakistan. The Saudi Finance Ministry plans to renew its $3 billion deposit with the State Bank of Pakistan as soon as this week, the media reported.

The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support.

Saudi Arabia extended to support multiple times to Pakistan. It pledged $4.2 billion in assistance to Pakistan when the former prime minister, Imran Khan, visited the kingdom. That included a deposit of $3 billion with the SBP to help shore up its reserves and a facility to finance oil derivatives trade worth $1.2 billion during the year.

Read more: Saudi Arabia finalizing extension of $3 billion deposit to Pakistan

Saudi Arabia discussed extending the term of its $3 billion deposit when Prime Minister Shehbaz Sharif met the kingdom’s Crown Prince Mohammed bin Salman in May.