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
Venezuela interim leader sacks industry minister, a Maduro ally
CARACAS: Venezuela’s interim president on Friday dismissed businessman Alex Saab, a close ally of deposed leader Nicolas Maduro, from his post as minister of industry.
In a Telegram message, Delcy Rodriguez announced the ministry would be combined with a commerce ministry and thanked Saab — a Colombian-born Venezuelan — “for his service to the Homeland; he will be taking on new responsibilities.”
The change comes amid pressure from Washington following the January 3 US military raid that ousted Maduro.
Saab, released in 2023 as part of a prisoner exchange with the United States, was appointed to office in 2024 by Maduro.
He had been arrested in Cape Verde in 2020 due to an Interpol notice over accusations he had served as a money launderer for the socialist leader.
He was subsequently extradited to the US, where he and his business partner Alvaro Pulido were charged with running a network that exploited food aid destined for Venezuela.
Saab’s dismissal is among the latest key changes to Venezuela’s government by Rodriguez since the US capture of Maduro and his wife Cilia Flores.
Venezuelan opposition leader Maria Corina Machado meanwhile said her country is starting a “true transition” to democracy and will become free with support from the United States and President Donald Trump.
Trump however has sidelined Nobel laureate Machado and backed former vice president Rodriguez as interim leader of the oil-rich country following the seizure of Maduro.
“We are definitely now into the first steps of a true transition to democracy,” Machado said during an event in Washington, adding that this will have an “immense impact in the lives of all Venezuelans” as well as around the region and the world.
“Venezuela is going to be free, and that’s going to be achieved with the support of the people of the United States and the president, Donald Trump,” Machado said.
Her party has presented evidence that Maduro stole the 2024 election — claims supported by Washington and much of the international community.
But Trump has said that Machado does not have enough support among Venezuelans, and opted to stick with Rodriguez so long as she toes the line on US access to Venezuela’s vast oil reserves.
Machado said Friday that Rodriguez is “following orders” rather than acting of her own will.
The opposition leader’s remarks came a day after US Central Intelligence Agency chief John Ratcliffe met Rodriguez in Caracas.
Ratcliffe traveled to Venezuela to “deliver the message that the United States looks forward to an improved working relationship,” a US administration official said on condition of anonymity.
- Nobel medal -
In an indication of that improved relationship, a US deportation flight carrying 231 Venezuelans landed in Caracas on Friday, the first since Maduro’s overthrow.
Trump has made cracking down on undocumented immigrants a major part of his second term, carrying out sweeping immigration raids and deporting migrants.
Machado, 58, on Thursday presented her Nobel Peace Prize medal to Trump in a bid to win over the US president.
“He deserves it,” she said. “And it was a very emotional moment, I decided to present the Nobel Peace Prize medal on behalf of the people of Venezuela.”
It was not immediately clear if Trump — who said Friday that he and Machado will “be talking again” — kept the award following their White House lunch. The Norwegian Nobel committee says its prizes cannot be transferred.
Trump had campaigned hard to win last year’s prize, falsely claiming that he stopped eight wars since taking office, but it went to Machado instead.
Trump and Rodriguez had their first telephone call on Wednesday and the White House said he “likes what he’s seeing” from her.
Rodriguez said however that her government will stand up to Washington.
“We know they are very powerful... we are not afraid to confront them diplomatically, through political dialogue,” she said Thursday.
Rodriguez was delivering Maduro’s state of the nation address to parliament while the long-time authoritarian leader is in a New York jail facing drug trafficking charges.
By contrast Machado, who campaigned for years to end leftist Maduro’s rule, was greeted by jubilant supporters in Washington.
In a Telegram message, Delcy Rodriguez announced the ministry would be combined with a commerce ministry and thanked Saab — a Colombian-born Venezuelan — “for his service to the Homeland; he will be taking on new responsibilities.”
The change comes amid pressure from Washington following the January 3 US military raid that ousted Maduro.
Saab, released in 2023 as part of a prisoner exchange with the United States, was appointed to office in 2024 by Maduro.
He had been arrested in Cape Verde in 2020 due to an Interpol notice over accusations he had served as a money launderer for the socialist leader.
He was subsequently extradited to the US, where he and his business partner Alvaro Pulido were charged with running a network that exploited food aid destined for Venezuela.
Saab’s dismissal is among the latest key changes to Venezuela’s government by Rodriguez since the US capture of Maduro and his wife Cilia Flores.
Venezuelan opposition leader Maria Corina Machado meanwhile said her country is starting a “true transition” to democracy and will become free with support from the United States and President Donald Trump.
Trump however has sidelined Nobel laureate Machado and backed former vice president Rodriguez as interim leader of the oil-rich country following the seizure of Maduro.
“We are definitely now into the first steps of a true transition to democracy,” Machado said during an event in Washington, adding that this will have an “immense impact in the lives of all Venezuelans” as well as around the region and the world.
“Venezuela is going to be free, and that’s going to be achieved with the support of the people of the United States and the president, Donald Trump,” Machado said.
Her party has presented evidence that Maduro stole the 2024 election — claims supported by Washington and much of the international community.
But Trump has said that Machado does not have enough support among Venezuelans, and opted to stick with Rodriguez so long as she toes the line on US access to Venezuela’s vast oil reserves.
Machado said Friday that Rodriguez is “following orders” rather than acting of her own will.
The opposition leader’s remarks came a day after US Central Intelligence Agency chief John Ratcliffe met Rodriguez in Caracas.
Ratcliffe traveled to Venezuela to “deliver the message that the United States looks forward to an improved working relationship,” a US administration official said on condition of anonymity.
- Nobel medal -
In an indication of that improved relationship, a US deportation flight carrying 231 Venezuelans landed in Caracas on Friday, the first since Maduro’s overthrow.
Trump has made cracking down on undocumented immigrants a major part of his second term, carrying out sweeping immigration raids and deporting migrants.
Machado, 58, on Thursday presented her Nobel Peace Prize medal to Trump in a bid to win over the US president.
“He deserves it,” she said. “And it was a very emotional moment, I decided to present the Nobel Peace Prize medal on behalf of the people of Venezuela.”
It was not immediately clear if Trump — who said Friday that he and Machado will “be talking again” — kept the award following their White House lunch. The Norwegian Nobel committee says its prizes cannot be transferred.
Trump had campaigned hard to win last year’s prize, falsely claiming that he stopped eight wars since taking office, but it went to Machado instead.
Trump and Rodriguez had their first telephone call on Wednesday and the White House said he “likes what he’s seeing” from her.
Rodriguez said however that her government will stand up to Washington.
“We know they are very powerful... we are not afraid to confront them diplomatically, through political dialogue,” she said Thursday.
Rodriguez was delivering Maduro’s state of the nation address to parliament while the long-time authoritarian leader is in a New York jail facing drug trafficking charges.
By contrast Machado, who campaigned for years to end leftist Maduro’s rule, was greeted by jubilant supporters in Washington.
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