ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday chaired a meeting on Saudi investments in Pakistan and directed top officials to devise an “action plan” to complete projects discussed during a visit by Foreign Minister Prince Faisal bin Farhan Al Saud to Islamabad this week.

Prince Faisal arrived in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals. Addressing a press conference on Tuesday, he said Riyadh would be “moving ahead significantly” to invest in projects in the South Asian nation.

His trip followed a meeting between Crown Prince Mohammed bin Salman and Sharif in Makkah, in which the Saudi leader reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.

“I will personally monitor the completion of projects with Saudi investment,” Sharif was quoted as saying at a meeting of top officials from relevant ministries and the Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up last year to promote investment in Pakistan.

During the FM’s visit this week, investments in the sectors of mining and minerals, agriculture, energy, information technology and infrastructure development were discussed.

“Any type of negligence regarding international investment projects is not acceptable … Outdated procedures and red tape will not work at all,” Sharif added.

“In this regard, a comprehensive action plan should be presented to increase the capacity of ministries. The Investment Board, SIFC and relevant ministries should formulate a plan of action for the completion of the projects decided in the discussions with the Saudi delegation.”

The PM said a delegation of well-known businessmen from Saudi Arabia was expected to arrive in Pakistan soon, and more investment opportunities also would be finalized during an upcoming visit by Sharif to Saudi Arabia.

Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages. Pakistan’s finance minister, Muhammad Aurangzeb, is currently in Washington to participate in spring meetings of the International Monetary Fund and World Bank and discuss a new bailout program. The last loan deal expires this month.

Saudi Arabia has often come to cash-strapped Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up forex reserves.

Last year, however, Saudi Arabia’s finance minister said the Kingdom was changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally and moving toward mutually beneficial investment deals backed by internal economic reforms.