Prime Minister Shehbaz Sharif announced during a federal cabinet meeting on Tuesday that Pakistan is set to sign agreements worth $2 billion with Saudi Arabia, marking a significant step in strengthening economic ties. As the country moves toward financial stability, leaders emphasize the need for political unity and peace to ensure continued economic progress.
Pakistan is preparing to sign agreements worth around $2 billion with Saudi Arabia, signaling a major economic boost. Prime Minister Shehbaz Sharif announced this during a federal cabinet meeting, adding that a high-level Saudi delegation, led by Investment Minister Khalid Bin Abdulaziz Al-Falih, will visit from October 9-11, 2024. This visit comes ahead of the Shanghai Cooperation Organisation (SCO) summit, indicating deepening ties between the two nations.
Prime Minister Shahbaz Sharif credited Saudi Arabia, along with China and the UAE, for helping Pakistan secure the crucial IMF bailout by confirming $12 billion in loan rollovers. This financial backing is vital as the country continues to recover from economic challenges.
“This is the same steps being taken again as the IMF program has been started successfully, inflation has decreased and exports are increasing,” he said, adding that their “homegrown growth program is being sabotaged”.
Finance Minister Muhammad Aurangzeb, however, raised concerns about recent terrorist attacks that have hurt the economy. He highlighted the massive Rs190 billion daily loss due to disruptions, including the tragic deaths of two Chinese engineers in Karachi. Aurangzeb emphasized the importance of maintaining law and order to protect economic stability and avoid further setbacks.
As Pakistan moves towards economic recovery, leaders urge citizens and political parties to prioritize national interests over conflicts, ensuring that stability remains the country’s top priority. The visit by the Saudi delegation represents a pivotal moment for Pakistan’s financial future.
Source: Tribune
