Saudi Arabia’s Minister for Investment announced the increase of signed MoUs with Pakistan from 27 to 34 during a recent event, with five already operational and the financial commitment raised from $2.2 billion to $2.8 billion. Prime Minister Shehbaz Sharif reaffirmed the swift implementation of these agreements and the supportive role of Saudi Arabia in Pakistan’s economic recovery efforts.
During a recent engagement at the Future Investment Initiative in Riyadh, Saudi Arabia’s Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, revealed that the Memorandums of Understanding (MoUs) signed during his October visit to Pakistan have now risen from 27 to 34, with five of them already in operational status. The minister, alongside a Pakistani delegation led by Prime Minister Shehbaz Sharif, indicated that the total financial commitment associated with these agreements has also increased from $2.2 billion to $2.8 billion, though the exact valuation for some agreements remains under review. Minister Al Faleh elaborated, saying, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars and … this was only the beginning. And to prove that, here we are — two or three weeks later — and I’d like to announce that the number has increased from 27 MOUs and agreements to 34.” He emphasized that the agreements span several sectors, including healthcare, where Saudi investors have already taken steps to establish a fully integrated medical complex in Pakistan. Prime Minister Shehbaz Sharif expressed appreciation for the collaborative efforts and confirmed that the implementation of the agreements has already commenced. He remarked, “The ink hasn’t dried and implementation has started,” signifying the swift action taken following the signing of these MoUs. Furthermore, the Prime Minister noted that Pakistan’s recent agreement with the International Monetary Fund (IMF) was made possible through Saudi support. In past occurrences, Saudi Arabia has historically supported Pakistan, especially during times of economic distress, such as a $2 billion deposit in the State Bank of Pakistan that aided in securing an IMF bailout package.
The relationship between Pakistan and Saudi Arabia has been characterized by enduring ties of brotherhood and cooperation across various domains, including culture, trade, economy, and defense. The recent diplomatic engagements, marked by the signing of multiple MoUs, highlight a renewed focus on investment in Pakistan’s infrastructure and healthcare, showcasing Saudi Arabia’s commitment to supporting its ally’s economic stability. This comes in the context of broader international financial commitments, particularly from the IMF, and is seen as a strategic partnership that emphasizes joint growth and development.
In summary, the announcement by Saudi Arabia’s Minister for Investment marks a significant development in Pakistan-Saudi relations, underscoring an increase in bilateral agreements aimed at fostering economic cooperation. With several agreements already operational, there is optimism regarding the potential benefits for both nations. This collaboration represents an important step towards enhancing trade, investment, and economic stability in Pakistan, particularly with the support of Saudi Arabia during critical financial negotiations with international entities such as the IMF.
Original Source: www.dawn.com
