KARACHI: Pakistan and Saudi Arabia will decide the quantum and areas of Saudi investment in a meeting with the Kingdom’s delegation to Pakistan, which is due to arrive in the country during the first week of October, said Federal Minister for Finance, Revenue and Economic Affairs, Asad Umar, speaking exclusively to Arab News.
The minister rebuffed recent media reports that claimed Riyadh would “invest $10 billion in Pakistan,” dismissing the impression that the volume of investment had been ascertained yet.
“The prime minister’s visit was meant to make agreements at the highest level with the King of Saudi Arabia and build a stronger relationship. In principle, only verbal discussions have taken place so far,” he added.
Umar noted: “We have discussed trade-related issues, foreign direct investment, visa fees, and issues faced by our laborers.”
The finance minister also dispelled the notion that Pakistan was facing a financial emergency. “Pakistan is not in an emergency situation that requires it to rush to the International Monetary Fund (IMF) to seek a bailout,” he maintained.
“We have neither stopped imports nor imposed financial sanctions,” said the minister. However, he emphasized that it was important to be prudent while taking economic decisions.
“We need to take well-measured decisions. As a situation emerges, we take steps to manage it. We don’t want to take decisions in emergency.”
The staff mission of the IMF is scheduled to arrive in Pakistan on Sept. 27 to engage with the Pakistani authorities. “We are in discussion with them, but this is not to negotiate for a loan. Our purpose is to do our homework, in case we want to approach them at some stage,” the minister clarified.
Responding to a question about managing the balance of payment deficit, Umar said: “We are eliminating the root cause of this problem, and that root cause is fiscal deficit. We have done that through the recent finance bill which will reduce our cost of import.”
He said that during his visit to Saudi Arabia and the United Arab Emirates, Pakistan’s prime minister discussed measures for trade enhancement and investment. “These are measures which will help fill the external financing gap,” he noted.
He also said Pakistan was constantly in touch with international commercial markets and banks for financing.
About the measures to increase the country’s exports to ease its external payment obligations, the finance minister said the issue had been discussed in detail with the Chinese.
“During the upcoming international trade exhibition, which will be attended by the prime minister as one of the chief guests in China on Nov. 4 and 5, we will discuss items line by line so that they can give us trade concessions to increase exports to China.”
“Similarly, when the Saudis will come, decisions will be made here in Pakistan about trade enhancement and investment,” he added, hoping that these steps would mitigate the balance of payments crisis.
The government is also planning to float overseas, dollar-based saving certificates for Pakistanis living abroad. The finance minister said the amount of issue would be decided at the time of floating these certificates.
“We will float them in October, but it will not be a one-time issue. We will be floating these certificates periodically for overseas Pakistanis,” said Umar.
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Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
Saudi Arabia, Pakistan will soon finalize volume, areas of investment, Finance Minister Asad Umar tells Arab News
- A Saudi delegation will visit Pakistan in the first week of October to discuss trade enhancement and investment visas
- Prime Minister Imran Khan, during his Saudi visit, discussed trade, foreign direct investment, visa fees, and issues faced by our labor class
’We’ll bring him home’: Thai family’s long wait for Gaza hostage to end
NONG KHAI: Two years after Thai worker Sudthisak Rinthalak was killed by Hamas militants, his family in northeastern Thailand is preparing to welcome his remains home and hold a Buddhist ceremony they believe will bring his spirit peace.
Sudthisak was among 47 hostages whose bodies Hamas has returned under the current ceasefire agreement. The handover of deceased hostages was a key condition of the initial phase of the deal aimed at ending the war in Gaza.
Sudthisak’s elder brother Thepporn has spent the past two years fulfilling promises he made to his younger sibling, using compensation money to build a new house, buy pickup trucks for their elderly parents and expand their rubber farm.
But the 50-year-old farmer says none of it matters without Sudthisak there to see it.
“Everything is done but the person I did these things for is not here,” Thepporn said, walking through the rubber plantation in Nong Khai province near the Laos border.
Israel identified Sudthisak’s remains on Thursday after Hamas handed over his body as part of a ceasefire deal. The 44-year-old agricultural worker was captured by Hamas at an avocado farm during its October 7, 2023, attack on southern Israel and later killed at Kibbutz Be’eri.
The last image his family has of Sudthisak came from a video sent by friends that showed him lying face down with militants pointing guns at him.
“I feel sad because I couldn’t do anything to help him,” Thepporn said. “There was nothing I could do when I saw him with my own eyes. He was hiding behind a wooden frame and they were pointing the gun at him.”
For months, the family waited through multiple hostage releases, hoping Sudthisak would be among those freed alive. Each time brought disappointment.
“Whenever there was a hostage release, he was never included,” Thepporn said.
Sudthisak had gone to Israel to earn money to support his father, Thongma, 77, and mother, On, 80, who live in a farming community from which young people commonly go abroad for work.
His sister-in-law Boonma Butrasri wiped away tears as she spoke about the family’s loss.
“I don’t want war to happen. I don’t want this at all,” she said.
Before the conflict, approximately 30,000 Thai laborers worked in Israel’s agriculture sector, making them one of the largest migrant worker groups in the country.
Thepporn said his brother’s death serves as a warning to other Thai workers considering jobs abroad.
“I just want to tell the world that you’ve got to think very carefully when sending your family abroad,” he said.
“See which countries are at war or not, and think carefully.”
Sudthisak was among 47 hostages whose bodies Hamas has returned under the current ceasefire agreement. The handover of deceased hostages was a key condition of the initial phase of the deal aimed at ending the war in Gaza.
Sudthisak’s elder brother Thepporn has spent the past two years fulfilling promises he made to his younger sibling, using compensation money to build a new house, buy pickup trucks for their elderly parents and expand their rubber farm.
But the 50-year-old farmer says none of it matters without Sudthisak there to see it.
“Everything is done but the person I did these things for is not here,” Thepporn said, walking through the rubber plantation in Nong Khai province near the Laos border.
Israel identified Sudthisak’s remains on Thursday after Hamas handed over his body as part of a ceasefire deal. The 44-year-old agricultural worker was captured by Hamas at an avocado farm during its October 7, 2023, attack on southern Israel and later killed at Kibbutz Be’eri.
The last image his family has of Sudthisak came from a video sent by friends that showed him lying face down with militants pointing guns at him.
“I feel sad because I couldn’t do anything to help him,” Thepporn said. “There was nothing I could do when I saw him with my own eyes. He was hiding behind a wooden frame and they were pointing the gun at him.”
For months, the family waited through multiple hostage releases, hoping Sudthisak would be among those freed alive. Each time brought disappointment.
“Whenever there was a hostage release, he was never included,” Thepporn said.
Sudthisak had gone to Israel to earn money to support his father, Thongma, 77, and mother, On, 80, who live in a farming community from which young people commonly go abroad for work.
His sister-in-law Boonma Butrasri wiped away tears as she spoke about the family’s loss.
“I don’t want war to happen. I don’t want this at all,” she said.
Before the conflict, approximately 30,000 Thai laborers worked in Israel’s agriculture sector, making them one of the largest migrant worker groups in the country.
Thepporn said his brother’s death serves as a warning to other Thai workers considering jobs abroad.
“I just want to tell the world that you’ve got to think very carefully when sending your family abroad,” he said.
“See which countries are at war or not, and think carefully.”
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