KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday acknowledged Saudi Arabia’s critical role in helping secure the country’s International Monetary Fund (IMF) loan package and invited his counterpart from the Kingdom to visit Pakistan, during a series of high-level bilateral meetings held on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC.
The IMF approved a $7 billion Extended Fund Facility (EFF) for Pakistan in September 2024 after Saudi Arabia, the United Arab Emirates and China provided essential financing assurances to unlock the package.
The deal was widely seen as vital to stabilizing Pakistan’s economy amid declining foreign reserves and mounting fiscal stress.
The Pakistani finance chief acknowledged the Kingdom’s role in a meeting with his Saudi counterpart, Mohammed Aljadaan, during his trip to the United States.
“Senator Aurangzeb thanked H.E. Aljadaan for Saudi Arabia’s longstanding and strong support to Pakistan in its pursuit of economic development, including through support for the IMF program, and invited him to visit Pakistan,” the finance ministry said in a statement circulated after the meeting.
Aurangzeb reaffirmed Pakistan’s commitment to economic reforms and welcomed Saudi investments. The meeting followed Aurangzeb’s engagement a day earlier with Sultan bin Abdulrahman Al-Murshid, the top Saudi Fund for Development (SFD) official, where he sought faster disbursements under the $1.2 billion Saudi Oil Facility, an arrangement that allows Pakistan to defer payments on oil imports.
He also requested SFD’s support for the National Highway N-25 and reviewed the pace of implementation of ongoing projects.
In addition to his meeting with the Saudi counterpart, the Pakistani finance chief held separate sessions with senior UAE and Chinese officials.
During a meeting with UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini, Aurangzeb discussed his country’s improving economic indicators, including a recent credit rating upgrade by Fitch, and briefed him on the government’s privatization program.
He informed the UAE side that a Staff-Level Agreement (SLA) had been reached with the IMF under the EFF and a new arrangement under the Resilience and Sustainability Facility.
The finance minister also expressed interest in the UAE’s regulatory experience in cryptocurrency and invited his counterpart to visit Pakistan.
In another bilateral engagement, Aurangzeb met with Chinese Finance Minister Lan Fo’an to discuss Beijing’s continued economic support.
He sought support from the People’s Bank of China to fast-track the issuance of Pakistan’s Panda Bond, a renminbi-denominated bond issued in China’s capital markets.
Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit
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Pakistan’s finance chief acknowledges Saudi role in IMF deal, invites counterpart to visit
- Saudi Arabia, UAE and China provided financing assurances needed to unlock the $7 billion IMF loan
- Aurangzeb also discusses Panda bonds, cryptocurrency regulation with Chinese and UAE ministers
Pakistan U19 to open tri-series against Afghanistan on Saturday in Zimbabwe
- Pakistan enter the tournament as U19 Asia Cup champions after beating India by 191 runs in Dubai
- The tri-series is seen as key preparation for next month’s U19 World Cup in Zimbabwe and Namibia
ISLAMABAD: Pakistan’s under-19 cricket team will begin their tri-series campaign against Afghanistan on Saturday in Harare, using the tournament as a key preparation for next month’s ICC Men’s U19 World Cup co-hosted by Zimbabwe and Namibia.
Pakistan, the reigning ACC Men’s U19 Asia Cup champions, are competing in the 50-over tri-series alongside Afghanistan and hosts Zimbabwe, with each team playing the others twice before the top two advance to the final on Jan. 6.
Pakistan won the eight-team Asia Cup in Dubai earlier this month, beating India by 191 runs in the final, and will play a minimum of four matches in the tri-series, starting at Harare Sports Club on Saturday.
“The Asia Cup was a good win for us and the players showed great morale and intensity,” Pakistan captain Farhan Yousaf said, according to the Pakistan Cricket Board (PCB). “The tri-series is very important for the players and will help us find the right combinations ahead of the ICC Men’s U19 World Cup.”
Pakistan will face Zimbabwe on Dec. 29 before meeting Afghanistan again on Jan. 2, followed by a second match against the hosts on Jan. 4. Matches will be played across venues in Harare, including Harare Sports Club, Prince Edward School and Sunrise Sports Club.
The tri-series is being seen as an important warm-up ahead of the U19 World Cup, which will be held from Jan. 15 to Feb. 6. Pakistan are placed in Group C and will play all their group-stage matches in Harare.
“The conditions here are similar and will be beneficial for our World Cup preparations,” Yousaf said. “Both teams in the tournament are strong and competitive and we respect every opposition as we look forward to a competitive event.”
Pakistan will open their World Cup campaign against England on Jan. 16, followed by matches against Scotland and Zimbabwe, with the Super Six stage beginning on Jan. 25 and the final scheduled for Feb. 6 at Harare Sports Club.
