ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
“Aurangzeb expressed deep appreciation for Saudi Arabia’s consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan’s private sector,” Radio Pakistan said on Thursday.
“Aurangzeb noted the significant outcomes of the high-level business delegation’s visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.”
The minister also outlined Pakistan’s “positive” economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
“The Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government’s policy agenda,” Radio Pakistan said.
The report said Al-Malki “commended” the government of Pakistan’s efforts in implementing structural and institutional reforms and reiterated the Kingdom’s “unwavering commitment to contributing to Pakistan’s economic growth.”
“The Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,” Radio Pakistan said. “He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.”
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
Last month, Bloomberg reported Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.
Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
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Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
- Last month, Pakistan said it had secured commitments from China, Saudi Arabia and UAE to roll over debt for a year
- Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July
Pakistan and Muslim nations condemn Israeli raid on UN agency office in East Jerusalem
- Statement follows storming of UNRWA’s headquarters, which UN officials called part of ‘months of harassment’
- Muslim nations cite Gaza’s humanitarian crisis, call for international funding to preserve the agency’s operations
ISLAMABAD: Pakistan and seven other Muslim-majority countries on Friday condemned a raid by Israeli police and municipal officials who forcibly entered the headquarters of the UN agency for Palestinian refugees in East Jerusalem last Monday, calling the agency’s work vital to the well-being of Palestinians.
The incident in the Sheikh Jarrah neighborhood cut the communications of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) and resulted in the seizure of furniture and IT equipment, prompting the agency’s top official to describe it as part of “months of harassment.”
Israel has long accused UNRWA of aiding Hamas or allowing its members to operate within the agency — allegations the UN agency denies — and has pushed to curtail its role in Gaza and Jerusalem.
The Israeli raid on its office prompted foreign ministers of Pakistan, Egypt, Indonesia, Jordan, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates to issue a joint statement, calling it a “violation of international law.” The leaders of all these countries had discussed the Gaza peace plan with US President Donald Trump in New York in September before it was unveiled.
“The Ministers condemn the storming of the UNRWA headquarters in the Sheikh Jarrah neighborhood of East Jerusalem by Israeli forces, as this attack represents a flagrant violation of international law and the inviolability of UN premises, which constitutes an unacceptable escalation, and violates the advisory opinion of the International Court of Justice dated 22 October 2025, which clearly states that Israel, as an occupying power, is under an obligation not to impede the operations of
UNRWA and, on the contrary, to facilitate them,” the statement said.
“The Ministers stress that UNRWA’s role is irreplaceable,” it added. “No other entity possesses the infrastructure, expertise, and field presence required to meet the needs of Palestinian refugees or to ensure continuity of services at the necessary scale. Any weakening of the Agency’s capacity would have grave humanitarian, social, and political repercussions across the region.”
The statement said UNRWA remained essential to delivering food, relief items and basic services in Gaza as the enclave faced an unprecedented humanitarian crisis. It noted the UN General Assembly’s recent vote to renew the agency’s mandate for another three years reflected broad confidence in its work.
UNRWA, established in 1949 under UN General Assembly Resolution 302, provides education, health care, social services and emergency aid to millions of Palestinian refugees across its areas of operation.
Its mandate has been repeatedly renewed in recognition of the absence of a political settlement that would resolve the refugee question.
