ISLAMABAD: Prime Minister Imran Khan’s visit to Saudi Arabia resulted in significant understanding between the two countries as Saudi Arabia has agreed to provide Pakistan $3 billion for one year as balance of payment support.
The Foreign Office in a statement issued said that the Saudi Arabia will provide Pakistan $3 billion as balance of payment and one-year deferred payment facility for oil payments, up to $3 billion.
The development between Pakistan and Saudi Arabia came after PM Imran Khan visited Riyadh, where he met King Salman bin Abdulaziz and Crown Prince Muhammad bin Salman.
The prime minister also attended a Saudi Arabian investment conference where he launched a charm offensive targeting potential investors as Pakistan seeks to secure funds.
The Foreign Office in its statement said that strengthen decisions on long lasting bilateral economic and financial cooperation were also agreed during the meeting with Saudi leadership.
The crown prince also agreed to PM Khan’s suggestion to reduce visa fee for Pakistani workers, which is a vital step towards enhancing Pakistani workforce in Saudi Arabia, as well as facilitating travel of people from both countries.
Saudi Arabia expressed its interest in investing in Pakistan’s petroleum refinery and an Memorandum of Understanding (MoU) will be signed after obtaining cabinet’s approval. The earlier visit of the Saudi delegation had evaluated the possibility of investing in the project.
The kingdom has also expressed interest in development of mineral resources in Pakistan, the statement added. For this purpose, the federal government and the Balochistan government will hold consultations, after which a delegation from Saudi Arabia will be invited to visit Pakistan.
Earlier today, a Pakistan-specific session was organised after the inauguration of the FII Conference, in which the prime minister underlined Pakistan’s priorities towards optimising the economy and attracting foreign investment. Earlier today, a Pakistan-specific session was organised after the inauguration of the FII Conference, in which the prime minister underlined Pakistan’s priorities towards optimising the economy and attracting foreign investment.
Earlier on October 22, the prime minister visited Madina, where he was received by Governor Prince Faisal bin Salman. Imran Khan proceeded to Riyadh, where he was received by Prince Faisal bin Bandar bin Abdul Aziz, Governor of Riyadh.
During the visit, the Prime Minister was accompanied by the Foreign Minister Shah Mehmood Qureshi, Finance Minister Asad Umar, Information Minister Fawad Ahmed, Advisor to the Prime Minister on Commerce Abdul Razaq Dawood and Chairman BOI Mr. Haroon Sharif.