Pakistan is set to sign agreements worth about $2 billion with a Saudi delegation visiting later this month, as announced by Prime Minister Shehbaz Sharif. The delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, is scheduled to visit Pakistan from Oct 9 to 11, just before the Shanghai Cooperation Organisation meeting hosted by Pakistan on Oct 15-16. This visit signifies a strengthening of economic partnerships between the two countries, involving both government agencies and the private sector.
The Prime Minister highlighted positive developments during a federal cabinet meeting, including the support of China, UAE, and Saudi Arabia in ensuring the success of Pakistan’s IMF programme. He also mentioned the visit of the Malaysian prime minister and the upcoming visit of the Saudi delegation. He dismissed PTI clashes during the SCO moot in Islamabad, attributing them to efforts to remain relevant in light of the improving economy.
Pakistan had previously requested an increase in lending from Saudi Arabia to bridge the external financing gap for the IMF bailout package. With confirmations from Saudi Arabia, China, and the UAE for loan rollovers totaling $12bn, Pakistan is on track with its economic recovery.
More updates to follow.