ISLAMABAD/RIYADH: The Kingdon of Saudi Arabia has renewed the $100 million monthly deferred oil payment facility for Pakistan. Prime Minister Shehbaz Sharif confirmed that the agreement for the facility has been signed for another year.
PM Sharif shared this during a cabinet meeting on Tuesday. He also presented a letter from Saudi Crown Prince and Prime Minister Mohammed bin Salman during the cabinet session. The premier expressed gratitude to Saudi Arabia for this gesture and thanked them for always standing by Pakistan during difficult times.
FINANCE MINISTER ATTENDS EMERGING MARKETS CONFERENCE
Earlier, Federal Finance Minister Muhammad Aurangzeb attended Saudi Arabia’s Al-Ula moot on emerging markets, on the invitation of the Saudi counterpart Mohammed bin Abdullah Al-Jadaan. The conference, jointly organised by Saudi Arabia and the International Monetary Fund (IMF) brought together stakeholders to discuss and plan sustainable economic growth policies amid changing global dynamics.
Pakistan, Saudi Arabia vow to enhance economic cooperation at AlUla Conference
Speaking on the sidelines of the moot, Aurangzeb said that Pakistan has great potential to export skilled labour to Saudi Arabia. He said that as Saudi Arabia seeks to move away from oil dependency towards sectors like health, education and tourism, Pakistan can serve as a valuable source of workforce under Saudi Arabia’s new economic vision.
Muhammad Aurangzeb and Mohammad Al-Jadaan also held a meeting during which both countries explored avenues for economic collaboration, particularly in sectors like finance, technology, infrastructure, and energy. Representatives of both countries reiterated the significance of joint initiatives to facilitate investment flows and creation of new economic opportunities for both countries, as well as regional partners.