ISLAMABAD: Pakistan’s Federal Minister for Information and Broadcasting Senator Shibli Faraz thanked Saudi Arabia on Tuesday for always rescuing his country in difficult times while dismissing rumors of any differences between the two countries.
“Saudi Arabia has always been with us and we are thankful to them,” the minister said while briefing reporters here in Islamabad on various decisions made during the federal cabinet meeting earlier in the day that was chaired by Prime Minister Imran Khan.
The minister said the Kingdom was a brotherly country that had “always stood by us in difficult times.”
He said that a lot of Pakistani labor was working in the Kingdom, adding that the two holiest sites of Islam were also located in the same country.
To a question about the reported return of $1 billion to Saudi Arabia, he said that the money taken as a loan. “It was taken and returned. This is not in our interest to link it [the loan issue] to other things,” he said.
Saudi Arabia extended a $6.2 billion financial package, including $3 billion cash as a soft loan and $3.2 billion of deferred oil payment facility, to Pakistan in November 2018 to help the country stave off its balance of payments crisis.
The minister said that the world was moving toward readjustment as the world order was changing, especially in the last few years.
Faraz said that like every other country, “Pakistan as a sovereign state will work in the direction and pursue objectives that reinforce its national interests.”
He also added that the country could not run an independent foreign policy without acquiring adequate economic strength.
Talking about the government’s economic achievements in the last two years, he said that Pakistan’s current account deficit was brought down from $20 billion to $3 billion while the central bank’s reserves had increased from $8.5 billion to $12.5 billion due to prudent economic policies.
The minister informed that sales of cement, fertilizers, diesel and petrol had increased many times in the last two years, reflecting an improvement of the country’s fragile economy.
He noted that the coronavirus pandemic had not hit the country’s economy as hard as other countries in the region.
“The economic revival has started … Difficult times have almost passed and better days are right ahead of us,” the minister claimed.
Pakistan says 'thankful' to Saudi Arabia for its continued support
https://arab.news/zp5bs
Pakistan says 'thankful' to Saudi Arabia for its continued support
- Minister Shibli Faraz says the country cannot run independent foreign policy until it gains economic strength
- Claims Pakistan’s economy has improved in the last two years due to the government’s prudent policies
Pakistan, China to sign multiple MoUs at major agriculture investment conference today
- Hundreds of Chinese and Pakistani firms to attend Islamabad event
- Conference seen as part of expanding CPEC ties into agriculture, trade
KARACHI: Islamabad and Beijing are set to sign multiple memorandums of understanding (MoUs) to boost agricultural investment and cooperation at a major conference taking place in the capital today, Monday, with hundreds of Chinese and Pakistani companies expected to participate.
The conference is being billed by Pakistan’s Ministry of National Food Security and Research as a platform for deepening bilateral agricultural ties and supporting broader economic engagement between the two countries.
“Multiple memorandums of understanding will be signed at the Pakistan–China Agricultural Conference,” the Ministry of National Food Security said in a statement. “115 Chinese and 165 Pakistani companies will participate.”
The conference reflects a growing emphasis on expanding Pakistan-China economic cooperation beyond the transport and energy foundations of the flagship China-Pakistan Economic Corridor (CPEC) into agriculture, industry and technology.
Under its first phase launched in 2015, CPEC, a core component of China’s Belt and Road Initiative, focused primarily on transportation infrastructure, energy generation and connectivity projects linking western China to the Arabian Sea via Pakistan. That phase included motorways, power plants and the development of the Gwadar Port in the country's southwest, aimed at helping Pakistan address chronic power shortages and enhance transport connectivity.
In recent years, both governments have formally moved toward a “CPEC 2.0” phase aimed at diversifying the corridor’s impact into areas such as special economic zones, innovation, digital cooperation and agriculture. Second-phase discussions have highlighted Pakistan’s goal of modernizing its agricultural sector, attracting Chinese technology and investment, and boosting export potential, with high-level talks taking place between planning officials and investors in Beijing.
Agri-sector cooperation has also seen practical collaboration, with joint initiatives examining technology transfer, export protocols and value-chain development, including partnerships in livestock, mechanization and horticulture.
Organizers say the Islamabad conference will bring together government policymakers, private sector investors, industry associations and multinational agribusiness firms from both nations. Discussions will center on investment opportunities, technology adoption, export expansion and building linkages with global buyers within the framework of Pakistan-China economic cooperation.
