ISLAMABAD: Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and strategic partnerships between the longtime allies.
Saudi Foreign Minister Faisal bin Farhan Al Saud came to Islamabad on a two-day visit this week aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth$30 billion to Riyadh during Prince Faisal’s visit.
The Saudi official’s visit followed a meeting in Makkah between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in which the Kingdom had pledged to expedite $5 billion in investments.
“We will continue our constructive engagement with the Kingdom of Saudi Arabia to enhance our economic and strategic partnership,” foreign office spokesperson Mumtaz Zahra Baloch said at a weekly briefing, giving details of Prince Faisal’s visit, whose purpose she said “was to accelerate discussions on enhanced bilateral economic cooperation in the follow up of the understandings reached between Prime Minister of Pakistan Muhammad Shehbaz Sharif and Crown Prince and Prime Minister of the Kingdom of Saudi Arabia His Royal Highness Mohammed bin Salman.”
At a ‘Saudi Arabia-Pakistan Investment Conference’ co-chaired by the two foreign ministers in Islamabad, the two sides discussed investment proposals in diverse sectors such as energy, mining, agriculture, information technology, construction, human resource development and exports, Baloch said, adding that the investment conference was aimed at paving the way for Saudi investments in Pakistan.
“The Foreign Ministers of Pakistan and Saudi Arabia discussed global and regional developments,” Baloch added.
“There was unanimity of views on the increasing instability in the region. The two Foreign Ministers urged de-escalation and called for an immediate ceasefire, lifting of the siege of Gaza and access to unimpeded humanitarian aid for the besieged people of Gaza.”
The spokesperson said Pakistan was “deeply disappointed” at the result of last night’s debate at the United Nation Security Council and its inability to reach consensus and recommend Palestine’s membership of the UN to the General Assembly.
“We regret the US decision to veto the draft resolution granting full membership of the UN to Palestine,” Baloch said.

WASHINGTON: Pakistan hopes to agree the contours of a new International Monetary Fund loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets.
The country’s current $3 billion arrangement with the fund runs out in late April and the government is seeking a longer and bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute much needed structural reforms, the minister said.
“We expect the IMF mission to be in Islamabad around the middle of May — and that is when some of these contours will start developing,” said Aurangzeb, who met with the Fund’s Managing Director Kristalina Georgieva on Wednesday during the International Monetary Fund and World Bank Spring Meetings.
He declined to outline what size program the government hoped to secure, though Pakistan is expected to seek at least $6 billion. Aurangzeb added that once the IMF loan was agreed, Pakistan would also request additional financing from the Fund under the Resilience and Sustainability Trust.
The struggling South Asian nation had managed to accumulate foreign exchange reserves in recent months and was on track for its war chest to hit $10 billion — or roughly two months import cover — by end-June.
The debt situation also looked more benign, Aurangzeb said.
“The bulk of our bilateral debt — including our China debt — is being rolled over, so in that sense I think we are in good shape and I don’t see a big issue during this fiscal year nor next fiscal year, cause we need to repay roughly $25 billion dollars every fiscal year.”
Pakistan also hopes to come back to international capital markets, possibly with a green bond. However, there was some more work to be done before that happens, said Aurangzeb.
“We have to come back into a certain ratings environment,” he said, having kicked off talks with ratings agencies, adding the government was hoping to get an improvement in its sovereign rating in the next fiscal year.
“In all likelihood, any international capital markets issuance will likely be in the 2025/2026 fiscal year.”