ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and 海角直播 enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and 海角直播 inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
鈥淎urangzeb expressed deep appreciation for 海角直播鈥檚 consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan鈥檚 private sector,鈥 Radio Pakistan said on Thursday.聽
鈥淎urangzeb noted the significant outcomes of the high-level business delegation鈥檚 visit from 海角直播 to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.鈥
The minister also outlined Pakistan鈥檚 鈥減ositive鈥 economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
鈥淭he Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government鈥檚 policy agenda,鈥 Radio Pakistan said.聽
The report said Al-Malki 鈥渃ommended鈥 the government of Pakistan鈥檚 efforts in implementing structural and institutional reforms and reiterated the Kingdom鈥檚 鈥渦nwavering commitment to contributing to Pakistan鈥檚 economic growth.鈥
鈥淭he Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,鈥 Radio Pakistan said. 鈥淗e indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.鈥
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining 鈥渢imely confirmation of necessary financing assurances from Pakistan鈥檚 development and bilateral partners.鈥
Last month, Bloomberg reported Pakistan had secured commitments from China, 海角直播 and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan鈥檚 long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.
Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
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Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

- Last month, Pakistan said it had secured commitments from China, 海角直播 and UAE to roll over debt for a year
- Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July