Pak-S Arabia bilateral ties getting stronger

F.P. Report

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said that the bilateral relations as well as the economic partnership between Pakistan and Saudi Arabia were getting stronger.

The prime minister, in a statement issued at the conclusion of his visit to the Kingdom mainly to attend the Special Meeting of World Economic Forum, said a delegation of Saudi businessmen was about to visit Pakistan in the coming days.

The visit would help accelerate the pace of economic partnership between the two countries, he added. The prime minister reiterated the resolve to make all-out efforts to materialise the understanding reached between the two leaderships. With the Pak-Saudi economic partnership, a new era of bilateral ties had begun, he remarked.

He recalled that a record exchange of high-level delegations took place between the two countries during the last couple of months. Highlighting the significance of his three-day visit to the Kingdom marking the very fruitful discussions, the prime minister also mentioned his interactions with the world leaders which led to positive developments in multifaceted cooperation in trade and investment.

Referring to his address at the World Economic Forum, Prime Minister Shehbaz said that he had categorically made it clear that there could be no peace in the world without establishing peace in Gaza. He thanked Saudi Crown Prince Mohammed Bin Salman for warm hospitality during the visit, and also for his directives to his ministers regarding Pakistan. He also expressed gratitude to the Saudi ministers for their efforts and full preparations to help reach understanding between the leaderships of two countries.

Meanwhile, Prime Minister Shehbaz Sharif expressing satisfaction over the disbursement of $1.1 billion final tranche by the International Monetary Fund (IMF), hoped that it would help bring economic stability to the country.

On Monday, the IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) for Pakistan, allowing for an immediate disbursement of around $1.1 billion, bringing total disbursements under the arrangement to around $3 billion. The IMF and Pakistan had reached the Staff Level Agreement on the second and final review on March 20, 2024 for the remaining $1.1.

The prime minister, in a statement, said that in 2016, Pakistan Muslim League-Nawaz Quaid Nawaz Sharif had completed the IMF program in his tenure, and the current one was the second SBA nearing completion. Highlighting the significance of the IMF program to save Pakistan from economic default, Prime Minister Shehbaz said that the bitter and tough decisions were coming to fruition in the form of economic stability.

PM departs for homeland as WEF special meeting in Riyadh concludes: Prime Minister Shehbaz Sharif on Tuesday departed for the homeland after attending the Special Meeting of the World Economic Forum, held on April 28-29.

Senior Saudi government officials, Saudi Ambassador in Islamabad and Pakistan Ambassador in the Kingdom, and other diplomatic personnel saw off the prime minister at the Royal Airport of Riyadh. Besides addressing the Forum, the prime minister held multiple sideline meetings with Saudi Crown Prince and Prime Minister Mohammed bin Salman, Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Malaysian counterpart Anwar Ibrahim and different Saudi ministers.