Pakistan to sign deals worth $2 billion with Saudi Arabia, says PM Shehbaz

Prime Minister Shehbaz Sharif said on Tuesday that a Saudi delegation is scheduled to visit Pakistan and agreements worth $2 billion are expected to be signed between the two nations. 

A high-level Saudi delegation is expected to visit Pakistan before the Shanghai Cooperation Organisation (SCO) summit that the country is hosting from Oct 15-16, the prime minister said in his opening remarks at the meeting of the federal cabinet. 

The Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, is set to visit Pakistan from Oct 9 to 11. 

The prime minister thanked China, Saudi Arabia and the UAE for their support in securing the IMF loan facility and also mentioned last week’s successful visit of Malaysian Prime Minister Anwar Ibrahim when two sides agreed that Pakistan would export Halal meat and rice to Malaysia.

He stated that the IMF program was approved due to exceptional teamwork, which also led to a reduction in inflation from 32% to 6.9%, along with increases in exports, remittances, and IT exports. The stock exchange, he noted, was performing exceptionally well. 

Highlighting his government’s reform agenda, he noted the doubling of tax return filers, the expansion of the tax base, and the digitization of the Federal Board of Revenue (FBR). 

He added that oil prices had been reduced for the fifth time, and a Rs50 billion relief package had been announced for power consumers in the protected category, alongside a Rs55 billion package from the Punjab government. 

The prime minister emphasized that a peaceful and secure environment is essential for attracting investment. 

He also expressed gratitude to the IMF chief for her support in approving the IMF facility for Pakistan and acknowledged her appreciation for the reforms implemented by both the current and caretaker governments.