General

Saudi Arabia agrees to give Pakistan $3bn as balance of payment support

Saudi Arabia will place a deposit of three billion dollars for one year as balance of payment support for Pakistan.
This was stated in a statement issued by Foreign Office on conclusion of Prime Minister Imran Khan’s two-day visit to Saudi Arabia, on Tuesday.
According to the statement, a memorandum of understanding to this effect was signed between Finance Minister Asad Umar and Saudi Finance Minister Muhammad Abdullah Al-Jadaan.
At the invitation of Saudi King Salman bin Abdulaziz, the Prime Minister visited Saudi Arabia to participate in Future Investment Initiative Conference.
The statement said it was also agreed that a one year deferred payment facility for import of oil, up to three billion dollars, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
The earlier visit of the Saudi delegation had evaluated the possibility of investing in a petroleum refinery in Pakistan. Saudi Arabia confirmed its interest in this project, and an MoU will be signed after obtaining cabinet approval.
Saudi Arabia expressed interest in development of mineral resources in Pakistan. For this purpose, the federal government and the government of Balochistan will consult, following which a delegation of Saudi Arabia will be invited to visit Pakistan.
During the visit, the Prime Minister had detailed bilateral discussions with King Salman bin Abdul Aziz and Crown Prince Muhammad bin Salman.
The Crown Prince agreed to the Prime Minister’s suggestion to reduce visa fee for Pakistani workers, which is a significant step towards enhancing Pakistan’s workforce in Saudi Arabia.
After the inauguration of the Future Investment Initiative Conference, a Pakistan-specific session was organized, in which the Prime Minister underlined Pakistan’s priorities towards optimizing the economy and attracting foreign investment.
Stressing the focus of his government on human resource development, Imran Khan highlighted the potential of Pakistan’s youth, identified lucrative investment opportunities in the tourism sector, minerals, coal and gas exploration, and information technology.
He mentioned the successes of Pakistan in the fight against terrorism, which has brought peace and stability to the country and elaborated the significance of China Pakistan Economic Corridor.
The Prime Minister also took several questions from the audience comprising hundreds of business entrepreneurs.