ISLAMABAD: Saudi Arabia’s recent decision to deposit $3 billion in the State Bank of Pakistan (SBP) to help bolster its foreign reserves has reaffirmed an “all-weather friendship” between the two countries, Pakistani Prime Minister told Saudi media in an interview published on Sunday.
Last week, Khan was on a three-day visit to the kingdom on the invitation of Crown Prince Mohammed bin Salman. After the visit, the Saudi Fund for Development announced it would deposit $3 billion dollars into the Pakistani central bank to support the cash-strapped South Asian’s nation’s shrinking foreign reserves.
The kingdom, which is a leading supplier of oil to Islamabad, also pledged it would additionally supply $1.2 billion worth of oil to Pakistan on credit.
Pakistan and Saudi Arabia are longtime allies. Riyadh gave Pakistan a $3 billion loan and a $3.2 billion oil credit facility in late 2018.
In an interview published on Sunday, Khan told Saudi daily Al-Riyadh the funds were a “generous gesture by the Kingdom of Saudi Arabia reaffirms the all-weather friendship between the two states.”
“Relations between the two countries have withstood the test of time,” he said. “Both countries have stood by each other, through thick and thin, regardless of change in leaderships.”
Pakistan’s economy is currently under pressure because of an increase in oil prices in the international market. Khan has repeatedly increased oil prices, drawing criticism at home.
As Khan was in Riyadh to attend the launch ceremony of the Middle East Green Initiative (MGI) Summit on Climate Change, he said it “clearly demonstrated the commitment of the Saudi leadership to take tangible steps for effectively tackling the challenge of climate change.”
During the summit, the Saudi crown prince announced two programs at a cost of $10.39 billion to combat climate change. The projects include an investment fund for carbon economy solutions in the region and a global initiative that will contribute to clean fuel solutions to feed more than 750 million people worldwide. Saudi Arabia will contribute around 15 percent of the entire cost.
“Green Saudi Initiative and Green Middle East Initiative are remarkable initiatives for preservation of nature and climate not only in Saudi Arabia, but in the entire region,” Khan told Al-Riyadh, as he reiterated Pakistan’s support in the implementation of the plan.
“Pakistan has also been working on similar projects including Clean and Green Pakistan and Billion Tree Tsunami,” he said. “We believe that our priorities and goals converge in this regard and we can therefore learn from each other and extend our mutual support to mitigate the impacts of climate change.”
$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan
https://arab.news/n8u65
$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan
- Khan was on a three-day trip to the kingdom on the invitation of Crown Prince Mohammed bin Salman last week
- After the visit, Saud Arania announced it would deposit $3 billion dollars into Pakistani central bank to support foreign reserves
Pakistan, Qatar resolve to boost strategic, economic cooperation at Doha talks
- Both countries urge dialogue on Afghanistan amid renewed border tensions between Islamabad and Kabul
- Discussions focus on bilateral trade and investment, energy, defense, manpower and labor and culture
ISLAMABAD: Pakistan and Qatar on Tuesday agreed to deepen their strategic and economic cooperation during high-level talks between Prime Minister Shehbaz Sharif and his Qatari counterpart Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Sharif’s office said.
Sharif visited Qatar along with a high-level delegation on the invitation of Qatari emir Sheikh Tamim bin Hamad Al Thani. The Pakistan premier also held meetings with Qatar’s trade and defense minister to discuss cooperation in various domains.
The visit came at a time when Pakistan is seeking closer economic engagement with Gulf partners amid its broader push to stabilize the economy and attract investment, while maintaining security and defense cooperation with key regional states.
During their meeting in Doha, PM Sharif and Qatar’s Sheikh Mohammed discussed bilateral relations and exchanged views on regional and international developments, according to the Pakistan prime minister’s office.
“They reaffirmed the strong brotherly relations between Pakistan and Qatar and expressed satisfaction at the growing momentum in political, economic and institutional ties,” Sharif’s office said.
“Discussions focused on enhancing cooperation in the fields of trade and investment, energy, defense, manpower and labor and culture, with both sides stressing the importance of their task force to accelerate cooperation in all these areas.”
Pakistan and Qatar maintain strong trade and investment ties. In 2022, the office of Qatar’s emir said the Qatar Investment Authority planned to invest $3 billion in Pakistan, targeting sectors including transport, aviation, education, health, media, technology and labor.
Nearly 300,000 Pakistanis live and work in Qatar, according to Pakistan’s foreign office, with many employed in health, education, engineering and public services, as well as construction and transport. The two countries engage through forums such as the Bilateral Political Consultations and the Joint Ministerial Commission.
Sharif and his Qatari counterpart also discussed regional issues, including developments in Gaza and broader Gulf security. PM Sharif appreciated Qatar’s constructive diplomatic efforts to promote dialogue and de-escalate tensions in the region, according to Sharif’s office.
The meeting reaffirmed the shared commitment to further strengthen the strategic partnership between Pakistan and Qatar and to remain in touch on current bilateral, regional and international issues.
DIALOGUE WITH AFGHANISTAN
Earlier, Sharif and Qatar’s Deputy PM Sheikh Saoud Al-Thani discussed the situation in Afghanistan and called for dialogue to support regional stability.
The meeting took place amid renewed tensions after Islamabad carried out airstrikes last week on what it described as Tehreek-e-Taliban Pakistan (TTP) targets inside Afghanistan. Kabul said the strikes killed civilians and vowed to respond to what it called a violation of its sovereignty.
“Regional developments were also discussed, in particular the situation in Iran and Afghanistan,” Sharif’s office said in a statement. “Both sides emphasized the importance of dialogue, de-escalation and collective efforts to promote peace and stability in the region.”
This was the second time in less than six months that Pakistan conducted airstrikes in Afghanistan. The last strikes triggered heavy, weeklong clashes between the neighbors along their border before Qatar and Turkiye mediated a ceasefire between them in Oct. last year.
Separately, Sharif held meetings with Qatar’s State Minister for Trade Dr. Ahmed bin Mohammed Al-Sayed and a delegation of the Qatar Businessmen Association (QBA), highlighting Pakistan’s investment-friendly reforms.
He invited QBA members to explore opportunities in infrastructure, logistics, energy, agriculture, technology and export-oriented manufacturing, his office said.
