In assembly with Dar, Saudi envoy shares need to ‘additional strengthen financial ties’

Saudi Ambassador Nawaf Bin Stated Al-Malki within the assembly with Finance Minister Ishaq Dar on the Finance Division on Could 23, 2023. — Finance Division

ISLAMABAD: Saudia Arabia’s Ambassador Nawaf Bin Stated Al-Malki referred to as on Finance Minister Ishaq Dar Tuesday and knowledgeable him that the dominion needs to additional strengthen its financial and business ties with Pakistan.

The assembly was held on the Finance Division in Islamabad.

Dar appreciated the long-standing historic, non secular and cultural ties between Pakistan and Saudi Arabia. He famous that the international locations share “excellent relations” on totally different fronts, together with commerce and financial system, in keeping with an announcement issued by the Finance Division after the assembly.

The finance minister additionally knowledgeable the ambassador of the federal government’s insurance policies that may be included into the upcoming finances to convey financial prosperity.

Dar thanked the Saudi ambassador for his nation’s precious assist to Pakistan economically and financially.

For his half, Ambassador Al-Malki reciprocated the emotions concerning the long-term relationship between Pakistan and Saudi Arabia.

The Saudi assurance comes as Pakistan scrambles to revive an important Worldwide Financial Fund (IMF) mortgage programme, with out which the nation dangers default.

The parleys between Pakistan and the IMF proceed for the completion of the ninth overview, which was due on November 3, 2022. The formal negotiations began on January 31 this 12 months when an IMF delegation visited Pakistan for talks.

Nonetheless, the 2 sides couldn’t attain a consensus in the course of the course of scheduled talks that ended on February 9. Since then, a number of on-line classes have been held however variations persist on situations set by the Fund for the Employees Stage Settlement (SLA).

If the SLA just isn’t signed forward of the upcoming finances for 2023-24, scheduled to be unveiled on June 9, the continuing programme will face a failure.

One of many IMF’s situations for the SLA was for Pakistan to rearrange exterior financing for the present fiscal 12 months. On this regard, Saudi Arabia had confirmed to the worldwide lender that it had pledged $2 billion.

Apart from this, Saudi Arabia had supplied the very best quantity of help to Pakistan — $100 million and an oil facility of $782.28 million — from pleasant international locations, in keeping with the Financial Affairs Division’s “Disbursement Report March 2022”. 

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