ISLAMABAD: A delegation comprising members from Pakistan’s parliament reached Riyadh on Monday at the invitation of the chairman of the Saudi Shoura Council, a statement released by the office of the country’s Chairman Senate stated on Tuesday.
Chairman Senate, Muhammad Sadiq Sanjrani is leading the nine-member parliamentary delegation which is currently in Saudi Arabia.
“Pakistan values its bilateral relations with Saudi Arabia and shares a strong bond of friendship, based on cultural and religious similarities,” Sanjrani said in the statement.
He added that both the countries share identical views on different issues. “Riyadh and Islamabad have always supported each other in times of need,” it added.
Sanjrani said that he hoped the visit would provide further impetus to the already existing fraternal ties between the two sides.
The visit follows a meeting between Pakistan’s President Arif Alvi and King Salman in Riyadh last week, wherein both the leaders discussed bilateral relations, regional issues, and matters of mutual interest.
According to Pakistan’s Foreign Ministry, the two heads of state also expressed satisfaction and appreciation at the renewed impetus in relations between the two countries.
Pakistan and Saudi share identical views on various issues — Chairman Senate
Pakistan and Saudi share identical views on various issues — Chairman Senate
- Sanjrani is leading an Islamabad delegation visiting Riyadh
- Follows President Alvi’s visit to the Kingdom last week
IMF board to meet tomorrow to consider $1.2 billion disbursement for Pakistan
- Pakistan, IMF reached a Staff-Level Agreement for second review of $7 billion loan program
- Economists view disbursement crucial for cash-strapped Pakistan as it tackles economic crisis
ISLAMABAD: The International Monetary Fund’s (IMF) Executive Board will meet tomorrow, Monday, to consider and approve a $1.2 billion disbursement for Pakistan, according to the global lender’s official schedule.
The meeting takes place nearly two months after the Fund reached a Staff-Level Agreement (SLA) with Pakistan for the second review of its $7 billion Extended Fund Facility (EFF) and the first review of its $1.4 billion Resilience and Sustainability Facility (RSF).
The SLA followed a mission led by IMF’s Iva Petrova, who held discussions with Pakistani authorities during a Sept. 24–Oct. 8 visit to Karachi, Islamabad and Washington, DC.
“The International Monetary Fund’s (IMF) Executive Board will convene on Dec. 8 to consider Pakistan’s request for a $1.2 billion disbursement under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), according to the Fund’s updated schedule,” the state-run Pakistan TV reported on Sunday.
Economists view IMF’s bailout packages as crucial for cash-strapped Pakistan, which has relied heavily on financing from bilateral partners such as Saudi Arabia, China and the United Arab Emirates, as well as multilateral lenders including the IMF, World Bank, Asian Development Bank and Islamic Development Bank.
The South Asian country has been grappling with a prolonged macroeconomic crisis that has drained its financial resources and triggered a balance of payments crisis. Islamabad, however, has recorded some financial gains since 2022, which include recording a surplus in its current account and bringing inflation down considerably.
Speaking to Arab News last month, Pakistan’s former finance adviser Khaqan Najeeb said the $1.2 billion disbursement will further stabilize Pakistan’s near-term external position and unlock additional official inflows.
“Continued engagement also reinforces macro stability, as reflected in recent improvements in inflation, the current account, and reserve buffers,” Najeeb said.
Pakistan came close to sovereign default in mid-2023, when foreign exchange reserves fell below three weeks of import cover, inflation surged to a record 38 percent in May, and the country struggled to secure external financing after delays in its IMF program. Fuel shortages, import restrictions, and a rapidly depreciating rupee added to the pressure, while ratings agencies downgraded Pakistan’s debt and warned of heightened default risk.
The crisis eased only after Pakistan reached a last-minute Stand-By Arrangement with the IMF in June 2023, unlocking emergency support and preventing an immediate default.
