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Saudi Arabia to allow augmenting $3bn deposit in Pakistan State Bank

JEDDAH: Pakistan and Saudi Arabia will discuss the possibility of supporting the kingdom’s $3 billion deposit in the State Bank of Pakistan by extending its term “or through other options,” a joint statement carried by Saudi state news agency SPA said on Sunday.

Last year, Saudi Arabia deposited $3 billion in the central bank to help support Pakistan’s foreign reserves. With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, the nation is in dire need of external finances.

JEDDAH: Prime Minister Shehbaz Sharif and Saudi Crown Prince Muhammad bin Salman coming while at the Royal Palace on Friday.

Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives. The statement came after a visit by Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.

Meanwhile, the two nations also affirmed their stance to consolidate security and stability, renounce violence, extremism and terrorism, support the unity and independence of the countries of the region and their territorial integrity, as well as to give priority to political solutions that bring prosperity and progress to the region and its people.

In the political context, the two sides exchanged views on issues of mutual concern at the regional and international levels, and agreed on the importance to continue to coordinate their positions in a way that serves their interests, said the joint statement.

JEDDAHI: Prime Minister Shehbaz Sharif met Saudi Crown Prince Muhammad bin Salman at the Royal Palace on Friday.

Shehbaz Sharif along with a delegation visited the kingdom at the invitation of the crown prince. The two sides agreed to continue exchanging support and coordination in international organizations and forums and stressed the importance of all countries’ commitment to the United Nations Charter and the principles of international law, adherence to the principles of good neighbourliness, respect for the unity and sovereignty of states, non-interference in internal affairs, and striving to resolve disputes by peaceful means.

The kingdom welcomed the statements of Pakistan mentioning keenness to find a solution to all disputes with India, including the Jammu and Kashmir dispute.

The two sides stressed the importance of dialogue between Pakistan and India in order to resolve the issues between the two countries, especially the Jammu and Kashmir dispute, to ensure peace and stability in the region.

JEDDAH: Prime Minister Shehbaz Sharif and Saudi Crown Prince Muhammad bin Salman inspecting Guard of Honour at the Royal Palace on Friday.

During an official meeting between Sharif and Mohammed bin Salman, they reviewed the historical relations between the two countries and the close cooperation in various fields, as well as discussed ways to strengthen relations in all areas.

In the bilateral context, the two sides stressed the importance of strengthening work through the Saudi-Pakistan Supreme Coordination Council, diversifying trade exchange between the two brotherly countries and intensifying communication between the private sector in the two countries in order to discuss trade and investment opportunities and turn them into tangible partnerships.

The kingdom affirmed its continuous support to Pakistan and its economy including the discussion of augmenting the $3 billion deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people.

“Pakistan greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan,” the statement said.

The two sides also agreed to deepen the investment cooperation between the two countries, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries.

They also agreed to join efforts to develop the investment environment in the two countries and support a number of investment sectors of common interest.

The joint statement also said Pakistan and Saudi Arabia affirmed their stance to consolidate security and stability, renounce extremism, terrorism and support the unity and independence of the countries of the region and their territorial integrity.

The two sides also agreed to give priority to political solutions that bring prosperity and progress to the region and its people.

In the bilateral context, the two sides stressed the importance of strengthening work through the Saudi-Pakistani Supreme Coordination Council, diversifying trade exchange between the two brotherly countries and intensifying communication between the private sector in the two countries in order to discuss trade and investment opportunities and turn them into tangible partnerships.

The two sides also agreed to deepen the investment cooperation between the two countries, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries. They also agreed to join efforts to develop the investment environment in the two countries and support a number of investment sectors of common interest.

Kashmir issue

The Kingdom of Saudi Arabia welcomed the statements of Pakistan mentioning its keenness to find a solution to all disputes with India, including the Jammu and Kashmir dispute. The two sides stressed the importance of dialogue between Pakistan and India in order to resolve the issues between the two countries, especially the Jammu and Kashmir dispute, to ensure peace and stability in the region.

During an official meeting between the prime minister and the Saudi crown prince, they reviewed the historical relations between the two countries and the close cooperation in various fields, as well as discussed ways to strengthen relations in all areas, the statement said.

Kingdom may extend economic package to $8 billion

Pakistan’s business community on Sunday welcomed Islamabad and Saudi Arabia’s resolve to enhance bilateral economic cooperation, with experts saying Riyadh could extend its economic support package for Pakistan to $8 billion after Prime Minister Shehbaz Sharif’s visit to the kingdom. 

Riyadh and Islamabad agreed to further deepen investment cooperation during the three-day maiden visit of PM Sharif to the kingdom this week. 

The two sides agreed to deepen the investment cooperation between the two countries, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries, according to a joint statement issued at the end of the visit.   

They agreed to join efforts to develop the investment environment in the two countries and support a number of investment sectors of common interest. The two sides stressed the importance of strengthening and developing cooperation in the industrial and mining sectors to serve their strategic interests in accordance with the vision of the leaderships of the two countries. 

Pakistani analysts believe Saudi Arabia could extend the economic support package to as much as $8 billion after the recent visit.