ISLAMABAD: Pakistan Finance Minister Muhammad Aurangzeb held a meeting with his Saudi counterpart Mohammed bin Abdullah Al-Jadaan in Davos, wherein the two figures agreed to further strengthen economic ties between the two countries, Pakistani state media reported on Thursday.
The meeting took place on the sidelines of the World Economic Forum (WEF) summit which is being held on Jan. 20-24 under the theme, ‘Collaboration for the Intelligent Age’.
Aurangzeb briefed his Saudi counterpart on structural reforms, fiscal discipline and regulatory improvements that had contributed to improved investment climate in Pakistan, the Radio Pakistan broadcaster reported.
“Both the sides reaffirmed their commitment to further strengthening the economic and financial ties between the two countries for shared prosperity,” the report read.
Pakistan and Saudi Arabia are close regional partners and economic allies, and both countries signed 34 agreements worth $2.8 billion in October last year. The Kingdom is home to over 2.7 million Pakistani expatriates, serving as the top destination for remittances for the cash-strapped South Asian country.
On Tuesday, Aurangzeb also met Saudi National Bank Chairman Saeed bin Mohammed Al-Ghamdi in Davos and discussed with him banking sector partnerships between the two countries, Pakistan’s finance ministry said.
“The two leaders discussed potential financial cooperation between Pakistan and Saudi Arabia, particularly focusing on strengthening partnerships in the banking sector,” the finance ministry said in a statement.
The Saudi Export-Import Bank and Pakistan’s Bank Alfalah have also signed a $15 million financing agreement on the WEF sidelines, strengthening access to Pakistani markets and boosting trade and economic ties.
Pakistan, Saudi Arabia resolve to further strengthen economic ties
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Pakistan, Saudi Arabia resolve to further strengthen economic ties
- Finance Minister Mohammad Aurangzeb briefed his Saudi counterpart on Pakistan’s economic reforms on World Economic Forum sidelines
- Both Pakistan and Saudi Arabia are close regional partners and allies, and signed 34 agreements worth $2.8 billion in Oct. last year
In rare engagement, KP raises fund release issues with Pakistan’s federal authorities
- PTI-ruled Khyber Pakhtunkhwa has previously complained of limited financial cooperation from Islamabad
- Talks follow a rise in militant violence in the province and a PM-CM meeting on security and development
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb met Khyber Pakhtunkhwa (KP) Finance Adviser Muzamil Aslam on Tuesday to discuss the release of funds under the National Finance Commission (NFC) and other fiscal matters, in a rare instance of visible engagement despite strained relations between the two sides.
The KP government, led by the opposition Pakistan Tehreek-e-Insaf (PTI) party of the jailed former prime minister Imran Khan, has in the past complained of a lack of financial cooperation from Islamabad.
The talks came amid a rise in militant violence in and around KP’s tribal districts, which were merged into the province in 2018 but continue to face acute development challenges.
“The Khyber Pakhtunkhwa team highlighted the operational and development imperatives in the merged districts and underscored the importance of predictable and timely releases to sustain ongoing schemes and meet pressing needs on the ground,” the finance ministry said in a statement circulated after the meeting.
“The Federal Minister for Finance and Revenue listened to the issues raised by the Khyber Pakhtunkhwa delegation and reaffirmed the Federal Government’s commitment to cooperative federalism and constructive engagement with the provinces,” it added.
The finance minister assured the KP team of the ministry’s support “in pursuing and facilitating their rightful claims for allocations under the NFC and other relevant heads discussed during the meeting, in accordance with applicable rules, agreed frameworks, and due process.”
The ministry said discussions also covered ongoing consultations on NFC-related matters, including technical discussions and sub-group engagements, with both sides agreeing to maintain close coordination through relevant forums to address outstanding issues and support development objectives and service delivery.
The conversation between the KP and federal authorities came only a day after a meeting between Prime Minister Shehbaz Sharif and KP Chief Minister Sohail Afridi in which they discussed closer collaboration on security and development.
The meeting was notable given Pakistan’s deeply polarized political landscape where Sharif’s administration and Khan’s PTI party have mostly hurled accusations against each other, making such institutional engagements rare between them.
