Saudi Arabia is committed to rescuing Pakistan’s economy and help the country achieve political and economic stability, Dr. Ali Awadh Asseri, Saudi Arabia’s former ambassador to Pakistan, said on Wednesday.
The statement from the ex-Saudi envoy comes at a time when the South Asian nation reels from dwindling foreign exchange reserves, a depreciating currency and a ballooning current account deficit amid soaring inflation.
To make matters worse, torrential rains in mid-June triggered flash floods across the country, killing over 1,700, destroying millions of homes and washing away large swathes of crops. Pakistan estimates losses from the climate disaster to be over $30 billion.
Speaking at the Islamabad Conclave organized by the Institute of Strategic Studies, Asseri said it was crucial for Pakistan to achieve economic stability as it brings about political stability and can help Pakistan safeguard its national security.
“This is clear from Crown Prince Mohammed bin Salman’s personal resolve for not only addressing Pakistan’s immediate financial needs but also guaranteeing long-term investments in the energy sector,” he said.
Asseri said PM Shehbaz Sharif has the “ability, courage and will” to take Pakistan forward. “He can count on the Saudi nation and its leadership for whatever support is needed for economic and political stability,” he added.
Asseri pointed out that the Saudi Vision 2030 offered “enormous opportunities” for Pakistan’s trade and investment relationship with the kingdom. He said it was a chance for the South Asian nation to employ its skilled manpower in mega development projects.
He said a major transformation is underway in Pak-Saudi economic relations. Asseri said Riyadh was eyeing long-term investments in Pakistan.
“The Saudi leadership is committed to $20 billion dollars investment in refinery, petrochemical complex, mining and renewable energy projects in Pakistan,” he said.
