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Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman have agreed to expedite the primary wave of a deliberate $5 billion Saudi funding package deal for Pakistan, based on the joint assertion issued by each international locations.
The 2 leaders had held a gathering a day in the past throughout the prime minister’s go to to Saudi Arabia in his first overseas journey since his election.
In January final yr, the crown prince had directed the Saudi Improvement Fund (SDF) to review rising the deposit quantity within the State of Financial institution of Pakistan (SBP) to $5bn.
The transfer, based on the Saudi Press Company, confirmed Saudi Arabia’s place on supporting the financial system of Pakistan and its “sisterly individuals”.
In September 2023, then-caretaker prime minister Anwaarul Haq Kakar had mentioned Saudi Arabia would make investments as much as $25 billion in Pakistan over the following two to 5 years in numerous sectors.
Kakar, chatting with journalists at his official residence, mentioned Saudi Arabia’s funding would come within the mining, agriculture and data know-how sectors, and was a part of a push to extend overseas direct funding in Pakistan.
A joint assertion issued in the present day mentioned that the premier and the crown prince’s discussions had centred on fortifying the fraternal relations between the 2 nations and exploring avenues for enhanced collaboration throughout numerous sectors.
“Emphasis was positioned on the dominion’s supportive position in Pakistan’s financial system and the mutual want to strengthen commerce and funding ties. Each events affirmed their dedication to expediting the primary wave of [an] funding package deal value $5bn which was mentioned beforehand,” it mentioned.
It mentioned that each leaders additionally exchanged views on regional and world developments of mutual curiosity, together with the scenario in Gaza.
PM Shehbaz and the Saudi crown prince known as for worldwide efforts to halt Israeli navy operations in Gaza and mitigate the humanitarian influence. In addition they underscored the necessity for the worldwide neighborhood to strain Israel to stop hostilities, adhere to worldwide regulation and facilitate unhindered humanitarian assist entry to Gaza, the assertion mentioned.
“They mentioned the necessity for advancing the peace course of in accordance with related resolutions of the [United Nations] Safety Council and the Common Meeting in addition to the Arab Peace Initiative aimed toward discovering a simply and complete answer for the institution of an unbiased Palestinian state with East Jerusalem as its capital,” the assertion mentioned.
The 2 sides additionally burdened the significance of dialogue between Pakistan and India to resolve the excellent points between the 2 international locations, particularly the Kashmir situation to make sure peace and stability within the area.
PM Shehbaz invited the crown prince to undertake an official go to to Pakistan at his earliest comfort, which was accepted by the Saudi chief.
The crown prince additionally prolonged his congratulations to Shehbaz on assuming workplace and “expressed heat needs for his tenure”.
The assertion mentioned that the premier in flip conveyed gratitude for the “kingdom’s steadfast help and hospitality, and reaffirmed Pakistan’s dedication to bolstering bilateral ties and financial cooperation”.
Pakistan’s delegation to Saudi Arabia included International Minister Ishaq Dar, Defence Minister Khawaja Asif, Data Minister Ataullah Tarar, Finance Minister Muhammad Aurangzeb and Punjab Chief Minister Maryam Nawaz Sharif.
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