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Saudi Arabia pledges $6bn package to Pakistan

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Abdullah719

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Saudi Arabia has agreed to provide Pakistan $3 billion in foreign currency support for a year to address its balance-of-payments crisis, the government announced on Tuesday.

The Kingdom has also agreed to provide Islamabad a one-year deferred payment facility for import of oil, worth up to another $3 billion.

The agreements in this regard were signed during the visit of Prime Minister Imran Khan to Saudi Arabia to attend the Future Investment Initiative (FII) conference, a trip he undertook on the invitation of King Salman bin Abdul Aziz Al-Saud.

According to a press release issued by the government, several far-reaching decisions on bilateral economic and financial cooperation were reached during the discussions held between Pakistani and Saudi officials:

It was agreed that Saudi Arabia will place a deposit of US $3 billion for a period of one year as balance-of-payment support. A memorandum of understanding (MoU) was signed in this regard between Finance Minister Asad Umar and his Saudi counterpart Muhammad Abdullah Al-Jadaan.

It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Riyadh. This arrangement will be in place for three years, after which it will be reviewed.

Saudi Arabia also "confirmed its interest" in investing in a petroleum refinery in Pakistan. An MoU for this project will be signed after obtaining the cabinet's approval.

The Kingdom also expressed interest in the development of mineral resources in Pakistan. In this regard, the federal government will hold consultations with the Balochistan government, following which a Saudi delegation will be invited to Pakistan to finalise matters.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">In addition to USD 3 billion deposit, it has also been agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia to Pakistan. <a href="https://t.co/g5pwUcYKw9">https://t.co/g5pwUcYKw9</a></p>— PTI (@PTIofficial) <a href="https://twitter.com/PTIofficial/status/1054754677995266049?ref_src=twsrc%5Etfw">October 23, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
During the visit, Prime Minister Khan held "detailed bilateral discussions" with the Saudi monarch and Crown Prince Mohammed bin Salman, a foreign ministry handout said.

Prince Mohammed agreed to the premier's suggestion for reduction of Saudi visa fee for Pakistani workers, "which is a significant step towards enhancing Pakistan’s workforce in [the Kingdom], as well as facilitating travel of people from both countries".


During his address at the investment conference in Riyadh, Prime Minister Khan had confirmed that Pakistan was also in talks with the International Monetary Fund (IMF) over a bailout.

However, Khan has in recent days sought to avoid going to the IMF and still wants to at least reduce the size of any bailout by appealing to “friendly countries” for bilateral financial support.

The prime minister's attendance at the FII comes as leading policy-makers and corporate chiefs shunned the conference in response to the death of journalist and Saudi government critic Jamal Khashoggi at the Kingdom's consulate in Istanbul — a scandal that has tipped Riyadh into a diplomatic crisis.

The Saudi pledge comes days after the State Bank warned inflation could double in the coming year — hitting 7.5 per cent — while the country's growth target rate of 6.2pc would likely be missed.

Finance Minister Umar had on Saturday warned the country was fast heading towards bankruptcy. However, he promised to end the country's reliance on IMF bailouts to shore up the shaky economy, as officials prepared to negotiate a new loan.

An IMF team is set to arrive in Pakistan in early November to begin negotiations.

https://www.dawn.com/news/1440860/s...billion-to-address-balance-of-payments-crisis
 
I feel Saudis now have more confidence in Pakistan leadership. I can see good things in future IA.
 
hussain.r97 said:
The money is good news, but what have the Saudis asked for in return?
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It was the Saudìs or the IMF? A rock and a hard place and the IMF was politically more damaging. IA IK can persuade these morons that creating more fitna in the Ummah is a disaster for all.
 
Bewal Express said:
It was the Saudìs or the IMF? A rock and a hard place and the IMF was politically more damaging. IA IK can persuade these morons that creating more fitna in the Ummah is a disaster for all.
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IMF would have been a far bigger disaster, with Saudi money, the government can at least have it's own policies implemented.

Also, this deal comes to $6 billion overall, won't the government need $2-3 billion more? Maybe China would be willing to lend the remaining amount?
 
hussain.r97 said:
IMF would have been a far bigger disaster, with Saudi money, the government can at least have it's own policies implemented.

Also, this deal comes to $6 billion overall, won't the government need $2-3 billion more? Maybe China would be willing to lend the remaining amount?
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The stupidity of some in our country is beyond belief-apparently it’s IK fault that we need to borrow money to repay loans borrowed by AZ and NS.
 
Politically this will benefit Pti, Will be a hit with Saudi fans in pak, will show that they got interest free loan from The Saudis insted of going to the Usurious IMF.
 
its nice to see the govt shooting all the shots it can to see where it can get the bucket!

Also sad but hilarious to see PML-N and PPP having issues with the govt trying to fix their mess.
 
PM to visit three friendly countries in two weeks

ISLAMABAD: In the next two weeks Prime Minister Imran Khan will visit three friendly countries where he is likely to seek monetary assistance, according to sources.

Mr Khan would leave on an official visit to Saudi Arabia on Monday (today), said the sources. He would embark on a visit to Malaysia later this month and to China early next month.

A member of the federal cabinet said the prime minister was likely to take up the issue of financial aid with his hosts in the three friendly countries because Pakistan badly needed assistance to ease the ongoing economic crisis.

He said the government immediately needed $12 billion to $13bn to ease the financial crisis and retire foreign debt. “We need $8bn to retire foreign debt and $5bn to run the affairs of government,” he said.

“If we get good monetary support from our friendly countries then there is a possibility that we will not require support of the International Monetary Fund [IMF],” he added.

According to the Foreign Office, Prime Minister Khan is going to Riyadh on the special invitation of King Salman bin Abdel Aziz to participate in the Future Investment Initiative conference being held there from Tuesday to Thursday.

Interestingly, several countries have announced their decision to boycott the conference in reaction to the death of a journalist, Jamal Khashoggi, at the kingdom’s consulate in Istanbul, Turkey. But it is believed that the Riyadh conference, dubbed “Davos in the desert”, will still be attended by many leading businesspersons, investors, representatives of industry and media outlets.

Visit to Malaysia

The cabinet member said the prime minister would visit Malaysia for two days (Oct 28 and 29) and would meet his Malaysian counterparts and other government functionaries.

In his recent telephonic conversation with Dr Mahathir Mohamad, Mr Khan had expressed his desire to learn from their experiences. He had also accepted the veteran leader’s invitation to visit Malaysia.

Prime Minister Khan wants to see the two countries collaborate with each other in various fields, according to the sources. It is expected that bilateral ties and cooperation between the two countries will be strengthened as a result of the visit.

Shift in CPEC projects

Prime Minister Khan would embark on an official visit to China on Nov 3. There he will discuss in detail the strategic relations between the two countries.

During his meetings in the friendly country, Mr Khan would inform the Chinese leadership that his government wanted to bring about a significant shift in the projects falling under the purview of China-Pakistan Economic Corridor (CPEC), said the sources.

Under the previous government there was an emphasis on infrastructure schemes, but the present government wanted projects involving agriculture, job creation and foreign investment take centre stage.

Reports, meanwhile, have said that due to suspension of funding to CPEC’s infrastructure projects, the National Highway Authority’s (NHA) road projects worth over Rs1 trillion have been adversely affected. Many projects in the energy sector have also been hit.

The affected projects include the 210km Dera Ismail Khan-Zhob road, the 110km Khuzdar-Basima road and a 136km portion of the Karakoram Highway.

In a recent meeting about his visit to China, Prime Minister Khan said that early implementation of the CPEC projects would help realise the true potential of the economic ties between the two countries.

He emphasised the need for early establishment of Special Economic Zones in various parts of the country and hoped these zones would help the local industry grow, creating huge employment opportunities for the youth.

https://www.dawn.com/news/1440552/pm-to-visit-three-friendly-countries-in-two-weeks
 
So looks like the government are banking on China and Malaysia for the remaining amount needed. I don't see China not helping Pakistan, mainly because Pakistan going to the IMF puts CPEC at risk. Not sure what we'll get from Malaysia though, they aren't really in the greatest position to help, perhaps he's going there to invite investment?
 
Chinese, Arabs, Russians, we are at the mercy of everybody these days thanks to the clowns who have governed us for the last 20-30 years.
 
That’s the cost of doing business with China, rightly or wrongly (no judgment on my part). Now that we are taking the money from KSA I guess we might be required to follow the Arab dictations and open our borders against Iran (again, no judgment on my part). In ignoring IMF and protecting the CPEC, we might be antagonising USA, which may not be the smartest move here but we have to wait and see. But I guess we didn’t have any other choice so fair dues to the government. The signs, though, are worrying in the long run.
 
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hussain.r97 said:
So looks like the government are banking on China and Malaysia for the remaining amount needed. I don't see China not helping Pakistan, mainly because Pakistan going to the IMF puts CPEC at risk. Not sure what we'll get from Malaysia though, they aren't really in the greatest position to help, perhaps he's going there to invite investment?
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Or learn from Malaysia’s experience in such China backed projects. It’s also about sending a message to China that we aren’t going to take the project on it’s face value.
 
Its been hilarious to see the reaction of PPP and PMLN supporters, they dont even understand Imran has to do all this because of the actions of their leaders.
 
Saudi Arabia pledges $6bn package to Pakistan

ISLAMABAD: After weeks of speculation, Saudi Arabia on Tuesday stepped forward with a $6 billion bailout package for Pakistan’s ailing economy.

The package includes $3bn balance of payments support and another $3bn in deferred payments on oil imports.

Agreements in this regard were signed on the sidelines of the second edition of the annual Future Investment Initiative (FII) Conference in Riyadh. It showcases economic and investment opportunities in Saudi Arabia as it pursues Vision 2030 for diversifying its economy. The Pakistani delegation was led by Prime Minister Imran Khan.

This was the prime minister’s second visit to Saudi Arabia in five weeks. The primary objective of both trips was to seek financial assistance to deal with impending balance of payments crisis.

The Foreign Office in a statement said: “A MoU was signed between the Finance Minister Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan. It was agreed Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support.”

It was further “agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter”.

Pakistan imports 110,000 barrels of crude per day from Saudi Arabia. Taken at the current price, the oil imports from the kingdom amount to around $3bn in a year.

Pakistan, which is facing the current account deficit of $18bn, had earlier this month sought assistance from the International Monetary Fund (IMF) to deal with the aggravating balance of payments problem. An IMF mission is scheduled to visit Islamabad on Nov 7 for talks on the size of the loan facility that Pakistan could be requiring.

Imran Khan had in an interaction with the media recently said that the country could immediately need around $12bn to address with the problem.

Saudi Arabia has in the past also helped rescue Pakistan’s economy from dire situations on a number of occasions. The Kingdom had last time in 2014 gifted Pakistan $1.5bn to beef up its foreign exchange reserves.

The Saudi package may provide breathing space to the government for dealing with economic challenges, but would not be enough to avoid the IMF facility. It is believed that improved foreign exchange reserves would strengthen Pakistan’s negotiating position in talks with the Fund.

The situation could further improve if China also makes some commitments to rescue its ‘all-weather friend’. PM Khan is scheduled to travel to China on Nov 3.

During talks with Mr Khan, the Saudi government reaffirmed its interest in setting up an oil refinery in Pakistan. Talks on setting up of the refinery had started during the prime minister’s visit to the Kingdom last month. Later a Saudi delegation visited Pakistan for studying the prospects of the project.

“Saudi Arabia confirmed its interest in this project, and a MoU will be signed after obtaining cabinet approval,” the Foreign Office said.

An agreement for setting up of refinery near Gwadar is expected to be inked between the Pakistan State Oil and Saudi Aramco soon.

Speaking at the FII Conference, the prime minister while identifying lucrative investment opportunities in the tourism sector, minerals, coal and gas exploration, and Information Technology said Pakistan needed two oil refineries to meet demand.

Saudi officials and businessmen during their meetings with Mr Khan showed interest in mineral resources development. The prime minister pointed out the presence of vast reserves of untapped mineral wealth of Pakistan. He said the reserves could not be exploited in the past due to terrorism and corruption, but things were changing now.

A Saudi delegation would be invited to visit Pakistan for an exploratory trip after consultations between the federal and provincial government of Balochistan, the FO said.

Mr Khan held bilateral discussions with King Salman bin Abdul Aziz and Crown Prince Mohammad bin Salman.

The crown prince, the FO said, accepted Mr Khan’s suggestion for reduction of visa fee for Pakistani workers. It described the decision as “a significant step towards enhancing Pakistan’s workforce in Saudi Arabia, as well as facilitating travel of people from both countries”.

Mr Khan in his speech at the FII Conference said that his government would once again offer peace talks to India after the coming elections in the neighbouring country.

“Now what we are hoping is that we wait until the elections then again we will resume our peace talks with India,” he said as he recalled that he had soon after coming to power offered dialogue to India. He said Pakistan’s offer was then rebuffed.

India had last month cancelled a meeting of the foreign ministers of the two countries on the margins of UN General Assembly session barely 24 hours after agreeing to it.

https://www.dawn.com/news/1440974/saudi-arabia-pledges-6bn-package-to-pakistan
 
Dealing with KSA goes against the Principles of the Imran Khan 'Philosophy' especially in the light of the Istanbul consulate debacle. However, these are desperate times for Pakistan and it appears all Principles go out of the window.
 
Hopefully there will be no side effects with this investment.
 
Hopefully this is the last time a Pakistani PM has to go around the world asking for money.... loot loot ke kha gaye mulk ko noora aur jiyalay
 
Syed1 said:
Hopefully this is the last time a Pakistani PM has to go around the world asking for money.... loot loot ke kha gaye mulk ko noora aur jiyalay
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Abhi abhi aik patwari meri fb post pa comnt kr raha thaa k ye tu qarza liya gya ha:yk2
 
IK to address nation at 7:15PST mainly to tell about his Saudi visit.
 
In the short term it gives breathing space from the mess left by the theft of the Nooras and AZ but the economy requires deep structural reforms which nobody is willing to undertake. This whole episode shows desperate the Nooras and the PPP are to damage the country to save their leaders from the charges. The leaders and some supporters of these parties are treacherous!
 
Well, it's not like Saudi Arabia haven't channeled money/free oil to Pakistan in the past.

I guess this made the headlines because of the persona of Imran Khan, but it's nothing short of a bi-annual affair.
 
Bewal Express said:
In the short term it gives breathing space from the mess left by the theft of the Nooras and AZ but the economy requires deep structural reforms which nobody is willing to undertake. This whole episode shows desperate the Nooras and the PPP are to damage the country to save their leaders from the charges. The leaders and some supporters of these parties are treacherous!
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We should arrest all these treacherous politicians, civilians and journalists. We should also adopt China’s model of governance where ppl should be banned from expressing their political opinions. Perhaps we should start by following Erdogan’s playbook and then move progressively to adopt China’s model of governance. Our jahil awaam don’t deserve a democratic setup. PTI must adopt the principles of Chinese communist party. It’s the only party that can get us out of this mess. Corrupt politicians and their supporters should be hanged and quartered in the land of the pure. We need a revolution.
(PS: I’m being sarcastic).
 
Syed1 said:
$3 billion deposited with Pak for 1 year.


$3b/year deferred payment of oil for three years ($9 billion).
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So essentially if one puts the interest (otherwise accrued, which in Saudi terms is peanuts) aside, they have given nothing! lol

In a year they take back the deposit and in three years the govt. has to pay back the oil purchased at current prices of approx. $80!

IMF is licking its lips in delight!
 
shortbread said:
So essentially if one puts the interest (otherwise accrued, which in Saudi terms is peanuts) aside, they have given nothing! lol

In a year they take back the deposit and in three years the govt. has to pay back the oil purchased at current prices of approx. $80!

IMF is licking its lips in delight!
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No the oil payment will be decided after the 3 years period is over.
 
Angrez Pakistani said:
We should arrest all these treacherous politicians, civilians and journalists. We should also adopt China’s model of governance where ppl should be banned from expressing their political opinions. Perhaps we should start by following Erdogan’s playbook and then move progressively to adopt China’s model of governance. Our jahil awaam don’t deserve a democratic setup. PTI must adopt the principles of Chinese communist party. It’s the only party that can get us out of this mess. Corrupt politicians and their supporters should be hanged and quartered in the land of the pure. We need a revolution.
(PS: I’m being sarcastic).
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China is the second largest economy in the world and is rapidly rising to be the largest. China has also taken out 100s of millions of people out of abject poverty.

(P.S I'm not being sarcastic)
 
Syed1 said:
No the oil payment will be decided after the 3 years period is over.
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I think the arrangement is a 1 year deferral in real terms, or at-least that is what I understood. Who knew even the Al-Sauds will turn street smart one day!

It was further “agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter”.

Pakistan imports 110,000 barrels of crude per day from Saudi Arabia. Taken at the current price, the oil imports from the kingdom amount to around $3bn in a year.
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https://www.dawn.com/news/1440974/saudi-arabia-pledges-6bn-package-to-pakistan

So $3 billion, interest free for a year. This arrangement runs for 3 years.

It's imperative the govt. does not allow the Saudis to monopolise Pakistan's oil purchases. Most oil dependent countries diversify their oil imports in order to use it as leverage/influence, if Saudis dominate a majority of Pakistan's supply it could spin the table the other way!

The sad fact is the world's most discounted crude is simply to the west of Pakistan's border, a pipeline from Iran would help shave a considerable portion of the oil bill.

IK is only trying to make best of a situation which is not of his making.
 
Angrez Pakistani said:
We should arrest all these treacherous politicians, civilians and journalists. We should also adopt China’s model of governance where ppl should be banned from expressing their political opinions. Perhaps we should start by following Erdogan’s playbook and then move progressively to adopt China’s model of governance. Our jahil awaam don’t deserve a democratic setup. PTI must adopt the principles of Chinese communist party. It’s the only party that can get us out of this mess. Corrupt politicians and their supporters should be hanged and quartered in the land of the pure. We need a revolution.
(PS: I’m being sarcastic).
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I totally disagree with you, the looters and theives needed to be rewarded with more opportunities to steal- after all how can it be fair that a cricketer has the audacity to stop these great families from fulfilling their destiny of becoming trillionaires.
 
Syed1 said:
China is the second largest economy in the world and is rapidly rising to be the largest. China has also taken out 100s of millions of people out of abject poverty.

(P.S I'm not being sarcastic)
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No we must have more stealing-isnt that the democratic way?
 
Bewal Express said:
No we must have more stealing-isnt that the democratic way?
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Democracy is just a system of government. There is no one-size-fits-all solution to governance. China found a way for their country doesn't make their system of government right or wrong.

I would have no problem if we have Chinese system if it means that our kids aren't dying due to thirst and hunger and women aren't giving birth in the streets as has been happening during democracy. (Granted most of it is due to corrupt politicians rather than democracy itself.)
 
Syed1 said:
China is the second largest economy in the world and is rapidly rising to be the largest. China has also taken out 100s of millions of people out of abject poverty.

(P.S I'm not being sarcastic)
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Obviously. Doesn’t matter if they ban free speech or if their policies result in femicide. But hey, they are out of extreme poverty so yay.
 
Angrez Pakistani said:
Obviously. Doesn’t matter if they ban free speech or if their policies result in femicide. But hey, they are out of extreme poverty so yay.
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Leave China, that's not my concern.

You are ok with Pakistani women giving birth on the streets or our kids dying by the dozens everyday, as long as we have "psuedo-democracy"?
 
Bewal Express said:
I totally disagree with you, the looters and theives needed to be rewarded with more opportunities to steal- after all how can it be fair that a cricketer has the audacity to stop these great families from fulfilling their destiny of becoming trillionaires.
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Oh I agree with you that the corrupt should be prosecuted. But it shouldn’t happen before making the fundamental changes that are required to enhance the workings of our CJS. Without the necessary changes, the process in itself will be vulnerable to political rhetoric and manipulation. As long as ppl’s trust is not restored in our CJS the whole exercise will be futile and counterproductive.
 
Syed1 said:
Leave China, that's not my concern.

You are ok with Pakistani women giving birth on the streets or our kids dying by the dozens everyday, as long as we have "psuedo-democracy"?
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Oh no. Why would anyone want that? The thing is that you can’t have the best of both worlds. You can’t call this system a pseudo-democracy while at the same time cheering for a party that came through this pseudo-democracy. I see your point. The corrupt should be prosecuted but how are we going to prosecute the corrupt and elevate the society if we chase after a rhetoric and not the substance? How can we restore ppl’s trust in the system if aren’t going to make the system accessible to a common man? I am more than willing to believe that every other political party in Pakistan is corrupt but how are we ever going to prove it beyond doubt in the court law when the CJS is rotten. We have a CJP, who wants to build a dam but doesn’t even know the chemical formula of water. So how are we going to change this system. We have a CJS that is willing to prosecute politicians who are involved in the contempt of court but doesn’t offer the same treatment to ppl like Khadim Rizvi and his cronies who are constantly making life threatening statements against the judges. Is that justice? No. So how can I trust trust this CJS? How can anyone trust this CJS? When ppl don’t trust their systems, they starts to deny the reality in front of them. That’s the issue with the ppl who support the corrupt politicians and political parties. Unless this reality doesn’t change, ppl will keep electing corrupt and incompetent ppl. They will keep justifying their votes by maligning the ones they don’t like.
 
Angrez Pakistani said:
Oh I agree with you that the corrupt should be prosecuted. But it shouldn’t happen before making the fundamental changes that are required to enhance the workings of our CJS. Without the necessary changes, the process in itself will be vulnerable to political rhetoric and manipulation. As long as ppl’s trust is not restored in our CJS the whole exercise will be futile and counterproductive.
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The problem is that CJS in PK has a sinple function which is to protect the rich and powerful. We have in the next few weeks a historic moment coming up with the NAB appeal against the IHC suspension of the Panama references. If the suspension is not overturned then the corrupt have won. The Judiciary is mostly corrupt, the Police is 99% corrupt and any reform will take years- time that we dont have.
 
Bewal Express said:
The problem is that CJS in PK has a sinple function which is to protect the rich and powerful. We have in the next few weeks a historic moment coming up with the NAB appeal against the IHC suspension of the Panama references. If the suspension is not overturned then the corrupt have won. The Judiciary is mostly corrupt, the Police is 99% corrupt and any reform will take years- time that we dont have.
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Parliament has the right to make necessary reforms in CJS. At the end of the day, CJS is answerable to the public and since we live in a representative democracy therefore CJS is answerable to public representatives AKA parliament. Since parliament has been considered corrupt for so many years the institutions under its constitutional subordination don’t answer to them. Judiciary is no different to this rule. So how can we judge the performance of this government or the previous governments if they don’t have any authority over key institutions? That’s the consequence of political parties maligning each other. Once you start selling yourself short no one cares to be answerable to you. That’s the vicious cycle our country has been going through for the last 70 years.
 
If IK can get all the money Pakistan needs from Saudi/China/Malaysia and thus avoid going to the IMF that would be quite an achievement.
 
Gabbar Singh said:
If IK can get all the money Pakistan needs from Saudi/China/Malaysia and thus avoid going to the IMF that would be quite an achievement.
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Saudi did not give Pakistan $6 billion, the news is simply spun that way!

They will deposit $3 billion to prop up forex reserves and take it back after a year.

Then defer Saudi crude payments for one year (at current $80 prices) and do the same for 3 years in a row. The Al-Sauds are simply making sure their crude market share stays intact in a highly competitive environment.

It does put a cap on the Government's immediate/future liabilities. Oil forms a huge share of the imports.

The $3 billion also does help prop up dwindling forex reserves. But to put this 'Al-Saud largess' into context, the recent US-Saudi arms deal is worth $110 Billion!

This is more of a nice news-bite than resolve any of the real monetary issues!
 
shortbread said:
Saudi did not give Pakistan $6 billion, the news is simply spun that way!

They will deposit $3 billion to prop up forex reserves and take it back after a year.

Then defer Saudi crude payments for one year (at current $80 prices) and do the same for 3 years in a row. The Al-Sauds are simply making sure their crude market share stays intact in a highly competitive environment.

It does put a cap on the Government's immediate/future liabilities. Oil forms a huge share of the imports.

The $3 billion also does help prop up dwindling forex reserves. But to put this 'Al-Saud largess' into context, the recent US-Saudi arms deal is worth $110 Billion!

This is more of a nice news-bite than resolve any of the real monetary issues!
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Ask yourself this..... has pakistan paid back anything it got from Saudis? The free oil in 90s to circumvent the sanctions or other funds...

My prediction is this.... none of this will be paid back in any form.

No, this has nothing to do with market share.
 
shortbread said:
Saudi did not give Pakistan $6 billion, the news is simply spun that way!

They will deposit $3 billion to prop up forex reserves and take it back after a year.

Then defer Saudi crude payments for one year (at current $80 prices) and do the same for 3 years in a row. The Al-Sauds are simply making sure their crude market share stays intact in a highly competitive environment.

It does put a cap on the Government's immediate/future liabilities. Oil forms a huge share of the imports.

The $3 billion also does help prop up dwindling forex reserves. But to put this 'Al-Saud largess' into context, the recent US-Saudi arms deal is worth $110 Billion!

This is more of a nice news-bite than resolve any of the real monetary issues!
Click to expand...

This post is the result of people with limited knowledge acting smart
 
Gabbar Singh said:
If IK can get all the money Pakistan needs from Saudi/China/Malaysia and thus avoid going to the IMF that would be quite an achievement.
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The IMF trap was set by the Nooras for IK. He may need to go for a smaller amount but at least the evil machinations of these treacherous crooks has been nullified for the moment.
 
Eagle_Eye said:
Ask yourself this..... has pakistan paid back anything it got from Saudis? The free oil in 90s to circumvent the sanctions or other funds...

My prediction is this.... none of this will be paid back in any form.

No, this has nothing to do with market share.
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Ok, if this money is lent by the Saudis with little or no hope of getting back, then what they are doing is laudable. Cannot ignore the fact that they have always contributed whenever Pakistan has asked for help.
 
ARAMCO’s net worth is approximately $2 trillion. So 5-7 billion dollars are just peanuts for them especially considering the fact that the house of Saud, in the aftermath of Khashoggi assassination, is desperate for allies right now.
 
Angrez Pakistani said:
ARAMCO’s net worth is approximately $2 trillion. So 5-7 billion dollars are just peanuts for them especially considering the fact that the house of Saud, in the aftermath of Khashoggi assassination, is desperate for allies right now.
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Yet despite this they never put in to Pakistan whilst their King was calling Zardari the head of a corrupt snake.
 
https://www.dawn.com/news/1451403/second-1bn-deposit-received-from-saudi-arabia-sbp

A State Bank of Pakistan (SBP) official on Friday confirmed that a second $1 billion bailout package from Saudi Arabia had been received by Pakistan.

SBP Spokesman Abid Qamar, confirming the development, said that the latest package had shored up the central bank's foreign reserves, hitting the $9.4bn mark.

The SBP spokesman added that another Saudi financial package was expected to arrive in January 2019.

Riyadh had in October agreed to provide Pakistan $3bn in foreign currency support for a year to address its balance-of-payments crisis. Additionally, the Kingdom had also agreed to provide Islamabad a one-year deferred payment facility for import of oil, worth up to another $3bn.

The country had seen some relief after the first tranche of $1bn from Saudi Arabia was received on Nov 9 but the amount had recently run out.

According to figures shared by Prime Minister Imran Khan in October, the country's total foreign debt had surged to Rs30,000bn within the last decade, while circular debt had reached Rs1,200bn.
 
MenInG said:
https://www.dawn.com/news/1451403/second-1bn-deposit-received-from-saudi-arabia-sbp

A State Bank of Pakistan (SBP) official on Friday confirmed that a second $1 billion bailout package from Saudi Arabia had been received by Pakistan.

SBP Spokesman Abid Qamar, confirming the development, said that the latest package had shored up the central bank's foreign reserves, hitting the $9.4bn mark.

The SBP spokesman added that another Saudi financial package was expected to arrive in January 2019.

Riyadh had in October agreed to provide Pakistan $3bn in foreign currency support for a year to address its balance-of-payments crisis. Additionally, the Kingdom had also agreed to provide Islamabad a one-year deferred payment facility for import of oil, worth up to another $3bn.

The country had seen some relief after the first tranche of $1bn from Saudi Arabia was received on Nov 9 but the amount had recently run out.

According to figures shared by Prime Minister Imran Khan in October, the country's total foreign debt had surged to Rs30,000bn within the last decade, while circular debt had reached Rs1,200bn.
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So after 1yr Pakistan will have to pay back this $6bn?
 
cricketjoshila said:
So after 1yr Pakistan will have to pay back this $6bn?
Click to expand...

nope. that is different.

the one year deferred payment is what will needed to be paid next year.

so $3bn bailout and $3bn deferred payment.
 
Slog said:
nope. that is different.

the one year deferred payment is what will needed to be paid next year.

so $3bn bailout and $3bn deferred payment.
Click to expand...

The $3bn support is for 1 year. Thats what the article says.
 
^ This will help our balance of payments in the current situation.
 
Pakistan begins receiving Saudi oil on deferred payments


Saudi Arabia will begin supplying oil to Pakistan on deferred payments at the start of new fiscal year in July, the kingdom’s embassy in Islamabad said on Monday.

“Pakistan will start receiving monthly oil supplies worth $275 million from Saudi Arabia with effect of July 1, 2019,” the embassy said in a notification. “These supplies will continue over the next three years, with a total value of $9.9 billion,” it added.

The two countries inked a financing agreement for the import of petroleum products, crude oil and LNG on February 17 during the Saudi crown prince’s Islamabad visit earlier this year.

Delay hits $3.2b Saudi oil facility for Pakistan

Pakistan expects the Saudi facility to help ease pressure on the balance of payments.

The oil facility had been announced in November and it was initially expected to become operational from January 1. However, due to various procedural and regulatory issues it took seven months to make the facility operational by July 1, which coincides with the start of new fiscal year.

Riyadh did not want the Oil and Gas Regulatory Authority (Ogra) and the Hydrocarbon Development Institute of Pakistan (HDIP) to be involved in the testing of petroleum products to be imported from the Kingdom under the deferred payment facility, according to a story published in The Express Tribune.

Saudi Arabia to give Pakistan $3.2b oil on deferred payments from July

Under the agreement, the Pak-Arab Refinery Company (Parco) and the National Refinery Limited (NRL) would procure crude oil from the Saudi Aramco Product Trading Company. Similarly, the Pakistan State Oil (PSO) and the Pakistan LNG Limited (PLL) would procure petroleum products and LNG from the Saudi company respectively.

The HDIP laboratory tests products at the discharge port prior to unloading. However, while negotiating the terms and conditions of the sales purchase agreement with the PSO, Saudi Aramco insisted that the procurement should be based on the cost, insurance and freight (CFR/CIF)) terms in line with the International Chamber of Commerce’s Incoterms 2000. Under these terms, the quality would be determined and finalised at the load port based on the test results of an independent laboratory.

https://tribune.com.pk/story/2003988/2-pakistan-begins-receiving-saudi-oil-deferred-payments/
 
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SAPM Jawad Sohrab Malik has signed an agreement recently with NESMA & Partners for the export of skilled Pakistani labor to Saudi Arabia.

The agreement was signed at the Embassy of Pakistan in Riyadh, Saudi Arabia, said a press release issued here on Thursday.

The agreement marks a pivotal collaboration between Pakistan and Saudi Arabia, paving the way for the export of a substantial Pakistani workforce to contribute to Saudi Arabia’s ambitious infrastructure and development goals. NESMA & Partners, as the leading construction company in Saudi Arabia, holds responsibility for numerous mega-projects within the kingdom.

The agreement would provide Pakistani workers with the opportunity to showcase their expertise and contribute to the success of these critical infrastructure projects.

Jawad Sohrab Malik highlighted the exceptional reputation of Pakistani workers for their dedication and hard work. The agreement was signed between the Pakistan Overseas Employment Corporation (POEC) and NESMA & Partners.

The POEC is a government agency responsible for the recruitment and deployment of Pakistani workers abroad. NESMA & Partners is a leading Saudi Arabian construction company with a portfolio of mega-projects in the kingdom. The agreement is expected to create significant job opportunities for Pakistani workers in Saudi Arabia.

It will also help to strengthen the economic ties between the two countries. The meeting was also attended by the Ambassador of Pakistan to Saudi Arabia, Ahmad Farooq, Director-General of the Bureau of Emigration and Overseas Employment (BEOE), and the Joint Secretary of the Ministry of Overseas Pakistanis and Human Resource Development, along with community welfare attachés.

ARY

arynews.tv

Pakistan inks deal to export skilled workers to Saudi Arabia

SAPM Jawad Sohrab Malik has signed an agreement recently with NESMA & Partners for the export of skilled Pakistani labor to Saudi Arabia. The
arynews.tv arynews.tv
 
This agreement to export skilled Pakistani labor to Saudi Arabia is a positive step towards economic prosperity. It not only provides valuable opportunities for skilled workers but also contributes to the development goals of both countries. A commendable initiative that can uplift the lives of many and strengthen the ties between Pakistan and Saudi Arabia.
 
Saudi defense minister conferred Nishan-e-Pakistan

President Asif Ali Zardari has conferred the Nishan-e-Pakistan award on Saudi Defence Minister Prince Khalid Bin Salman Bin Abdul Aziz Al Saud in recognition of his meritorious services for the promotion of bilateral relations between Pakistan and Saudi Arabia especially in the sphere of defence.

The investiture ceremony held at Aiwan-e-Sadr in Islamabad was attended amongst others by Prime Minister Shehbaz Sharif, Defense Minister Khawaja Asif and the services chiefs.

Nation celebrating Pakistan Day today with a renewed pledge to work hard for the progress and stability of country.

The day marks the adoption of the historic Lahore Resolution on this day in 1940 that provided a framework for realization of the goal of a separate homeland for Muslims of South Asia.

The day dawned with 31-gun salute in the federal capital and 21-gun salute in provincial capitals.

Special prayers were offered in mosques after Fajr prayers for prosperity and solidarity of the country. The national flag is hoisted on major government buildings.

arynews.tv

Saudi defense minister conferred Nishan-e-Pakistan

President Asif Ali Zardari has conferred the Nishan-e-Pakistan award on Saudi Defense Minister Prince Khalid Bin Salman Bin Abdul Aziz Al Saud in recognition of his meritorious services for the promotion of bilateral relations between Pakistan and Saudi Arabia especially in the sphere of defense.
arynews.tv arynews.tv
 
FearlessRoar said:
Saudi defense minister conferred Nishan-e-Pakistan

President Asif Ali Zardari has conferred the Nishan-e-Pakistan award on Saudi Defence Minister Prince Khalid Bin Salman Bin Abdul Aziz Al Saud in recognition of his meritorious services for the promotion of bilateral relations between Pakistan and Saudi Arabia especially in the sphere of defence.

The investiture ceremony held at Aiwan-e-Sadr in Islamabad was attended amongst others by Prime Minister Shehbaz Sharif, Defense Minister Khawaja Asif and the services chiefs.

Nation celebrating Pakistan Day today with a renewed pledge to work hard for the progress and stability of country.

The day marks the adoption of the historic Lahore Resolution on this day in 1940 that provided a framework for realization of the goal of a separate homeland for Muslims of South Asia.

The day dawned with 31-gun salute in the federal capital and 21-gun salute in provincial capitals.

Special prayers were offered in mosques after Fajr prayers for prosperity and solidarity of the country. The national flag is hoisted on major government buildings.

arynews.tv

Saudi defense minister conferred Nishan-e-Pakistan

President Asif Ali Zardari has conferred the Nishan-e-Pakistan award on Saudi Defense Minister Prince Khalid Bin Salman Bin Abdul Aziz Al Saud in recognition of his meritorious services for the promotion of bilateral relations between Pakistan and Saudi Arabia especially in the sphere of defense.
arynews.tv arynews.tv
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Saudi defence minister meets PM, president and COAS​


Prime Minister Shehbaz Sharif, President Asif Ali Zardari and Chief of Army Staff (COAS) General Syed Asim Munir on Saturday met with Saudi Arabia's Defence Minister, Prince Khalid bin Salman Al Saud, during his official visit to mark Pakistan Day.

Prince Khalid called on PM Shehbaz at the Prime Minister's House and discussed in detail bilateral matters, regional peace, security and the situation in the region.

Minister for Defence Khawaja Asif and the army chief also attended the meeting. They also exchanged views on increasing cooperation between Pakistan and Saudi Arabia in the areas of defence and security.

The prime minister congratulated the Saudi defence minister on receiving Pakistan’s highest civil award Nishan-e-Pakistan. He thanked Prince Khalid for attending the Pakistan Day parade as a special guest.

PM Shehbaz expressed best wishes for the Custodian of the Two Holy Mosques King Salman Bin Abdul Aziz Al Saud, Saudi Crown Prince and Prime Minister Prince Mohammed Bin Salman Al Saud.

Talking to the Saudi defence minister, the prime minister said Pakistan and Saudi Arabia had close brotherly ties based on commonalities of religion, history and culture, which were further strengthening with the passage of time.

Pakistan greatly valued its relations with Saudi Arabia, he said, adding that Saudi Arabia fully supported Pakistan on every front. He said that during his previous tenure as prime minister, Saudi Arabia played a very critical role in improving the economic situation of Pakistan, and it was highly regarded.

Shehbaz said that the people of Pakistan had a special place in their hearts for the Saudi royal family. While mentioning, the Special Investment Facilitation Council, the prime minister said one window operation was created for the investors through the establishment of the council, which would facilitate business activities and investment.

He said that immense opportunities were present in Pakistan in different fields including agriculture, information technology and mining. He underlined the need for further cooperation between Pakistan and Saudi Arabia in the fields of defence and economy.

The PM reiterated his earlier invitation and said that Pakistan was waiting to welcome the visit of His Royal Highness Crown Prince Mohammed Bin Salman. The Saudi defence minister felicitated the prime minister on assuming his office and expressed best wishes for him.

He thanked Pakistan for inviting him as a special guest for the Pakistan Day parade and said he had the opportunity to witness the best capabilities of the armed forces of Pakistan during the parade. He said that the recent visit of COAS Munir to Saudi Arabia was very important and fruitful to further promote defence relations of the two countries.

While welcoming the visiting dignitary, the president said that Pakistan accorded utmost importance to its relations with Saudi Arabia as both countries enjoyed a fraternal bond, marked by shared faith and historical relations.

He underscored the need for further increasing bilateral cooperation in various fields. President Zardari deeply thanked KSA for the support provided to Pakistan during challenging times.

He lauded the leadership of Salman bin Abdul Aziz Al Saud and the vision of the Crown Prince Mohammed bin Salman Al Saud that would propel Saudi Arabia towards remarkable progress.

Prince Khalid highlighted that Pakistan and Saudi Arabia enjoyed strong historical, strategic and defence cooperation. He further stated that both countries should work together and support each other to further deepen bilateral relations. He highlighted that his country believed in regional prosperity and had succeeded in increasing economic integration.

Earlier, President Zardari conferred the Nishan-i-Pakistan award, during a Special Investiture Ceremony, on Prince Khalid in recognition of his meritorious services towards further strengthening bilateral cooperation and his contribution towards peace in the region.

The President congratulated Prince Khalid on the conferment of the award and thanked him for his role in promoting defence ties.

Following the Pakistan Day ceremony, according to Inter-Services Public Relations (ISPR), Prince Khalid bin Salman bin Abdulaziz Al Saud held a meeting with the army chief.

During the meeting, they discussed mutual interests, enhancing bilateral relations, and increasing cooperation, particularly in various fields including defence.

"Saudi Arabia and Pakistan share historic and strong brotherly relations; Saudi Arabia and Pakistan have always remained well-wishers of each other,” the Saudi minister was quoted as saying by the ISPR.

The army chief expressed gratitude to the Saudi minister for visiting Pakistan. The esteemed guest also thanked the COAS for inviting him as the guest of honour at the Pakistan Day parade.

After a successful one-day visit to Pakistan, the Saudi minister departed for his homeland. Before his departure, the army chief bid farewell to Prince Khalid at the Nur Khan Air Base.

tribune.com.pk

Saudi defence minister meets PM, president and COAS | The Express Tribune

Pakistan, Saudi Arabia agree to further enhance bilateral, defence cooperation on Pakistan Day
tribune.com.pk tribune.com.pk
 

Saudi Arabia FM-led delegation lands in Pakistan​


A “high-level” Saudi Arabia delegation led by Foreign Minister Prince Faisal bin Farhan arrived in Pakistan on Monday on a two-day visit.

Foreign Minister Ishaq Dar received the kingdom’s foreign minister in Islamabad. Sources said that a delegation of 100 members would land in the South Asian country. Some of the members would arrive in Pakistan after some days.

The visit comes after Prime Minister Shehbaz Sharif’s first foreign trip to Saudi Arabia since assuming the office in March.

In his trip to the kingdom, PM Shehbaz and Crown Prince Mohammed bin Salman agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.

Last year, the crown prince directed the Saudi Development Fund to study increasing the deposit amount in the State of Bank of Pakistan to $5 billion. In September 2023, then-caretaker prime minister Anwaarul Haq Kakar said Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors.

“The visit takes place essentially to expedite follow up on the understanding reached between Prime Minister Shehbaz Sharif and Crown Prince Mohammad bin Salman during their recent meeting in Makkah to enhance bilateral economic cooperation between Pakistan and Saudi Arabia,” the Foreign Office said in a statement on Sunday.

According to the FO statement, the delegation comprises Saudi Minister of Water and Agriculture Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from the energy ministry and Saudi Fund for General Investments.

The Saudi delegation is expected to hold meetings with the president, the PM, the foreign minister, the chief of army staff, and the SIFC apex committee, the FO said.

www.aajenglish.tv

Saudi Arabia FM-led delegation lands in Pakistan

They are expected to meet PM, president, COAS
www.aajenglish.tv
 

Saudi FM says Pakistan visit to deliver ‘significant benefits’ in upcoming months​

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud on Tuesday said that his visit to Pakistan would deliver “significant benefits” in the upcoming months by realising the potential of untapped economic development.

The Saudi diplomat was addressing a joint press conference in Islamabad with Foreign Minister Ishaq Dar after a meeting between the two at the Ministry of Foreign Affairs.

The Saudi foreign minister is leading a high powered delegation on an official visit to Pakistan. The delegation had arrived in Pakistan on Monday.

The visit comes days after Prime Minister Shehbaz Sharif met Crown Prince Mohammed bin Salman in Makkah, where the two sides agreed to expedite the first tranche of a $5 billion Saudi investment package for Pakistan. Overall, Saudi Arabia has committed to investing $25bn in Pakistan over the next five years, focusing on energy, IT, minerals, defence, and agriculture sectors under the Special Investment Facilitation Council.

Addressing the press conference, the Saudi diplomat said he had a “productive series” of meetings with Pakistani officials during which he had stressed the “importance and strategic depth” of bilateral relations between the two countries, as well as the kingdom’s commitment to deepening that relationship through new avenues.

“We are extremely impressed by the very proactive attitude that we saw in our meetings especially with the [Special] Investment [Facilitation] Council (SIFC) and a very strong business-focused approach on addressing challenges and opportunities and highlighting the work we can do together.

“I feel very confident that the results of this visit and the results of the work being done between the two respective teams with this attitude, with this approach of focus on results [and] overcoming hurdles will deliver significant benefits for both of our countries [and] will significantly accelerate the process of achieving those investments that we’re looking at together. I can say that there is significant opportunity to increase the level of investment that is already on the table,” the Saudi foreign minister said.

Terming the visit so far to be a “very positive” one, the Saudi diplomat said that the engagement so far laid the groundwork for “significant and important work to be done in the next few months in order to achieve all of the potential that exists”.

He said the kingdom was a strong believer in Pakistan’s untapped potential, particularly in terms of economic development which was “clear to everyone”.

“Working together, we will do what we can with our colleagues in the Government of Pakistan to make that happen,” he said and thanked Pakistani officials for their insights into the “excellent opportunities” regarding investment that could be potentially realised.

He said he and FM Dar had covered all areas of mutual concern in regional international affairs.

Meanwhile, Dar said the two had comprehensive discussions, covering various aspects over multifaceted cooperation. He appreciated the Saudi leadership’s “keen interest” in increasing investments in Pakistan, saying that the visit had provided the Saudi delegation with firsthand experience of the SIFC.

The foreign minister expressed his confidence that the briefings given to the Saudi side during the SIFC meeting had “successfully highlighted viable and attractive investment opportunities and options effectively capturing their interest”.

Dar said Pakistan was committed to providing Saudi investors full support, relevant safeguards and a conducive environment for investment.

www.dawn.com

Saudi FM says Pakistan visit to deliver ‘significant benefits’ in upcoming months

Says there is "significant opportunity" to increase the level of investment already on the table.
www.dawn.com
 

MBS likely to visit Pakistan next month​


Saudi Crown Prince Muhammad bin Salman is likely to visit Pakistan next month.

Highly placed diplomatic sources told The News here on Tuesday that the Crown Prince, also the Prime Minister of the Kingdom, would come to Pakistan on the invitation of Prime Minister Shehbaz Sharif. The schedule of the visit is being worked out through diplomatic channels. Meanwhile, the Saudi foreign minister had highly productive meetings with the political and military leadership before returning home late Tuesday evening.

www.thenews.com.pk

MBS likely to visit Pakistan next month

ISLAMABAD: Saudi Crown Prince Muhammad bin Salman is likely to visit Pakistan next month.Highly placed diplomatic sources told The News here on Tuesday that the Crown Prince, also the Prime Minister...
www.thenews.com.pk www.thenews.com.pk
 
If Saudi Arabia were to take over some major business sectors in Pakistan, it could be beneficial for us because it would lead to much-needed development for which we are desperate.
 
Shehbaz warns against red tape in Saudi investment

Prime Minister Shehbaz Sharif on Thursday said that he would personally monitor the Saudi investment projects and warned against any laxity due to red tape or outdated procedures.

The prime minister, chairing a meeting to review the matters related to the recent high-powered Saudi delegation and Saudi investment in different sectors, thanked Saudi Crown Prince Mohammed bin Salman for sending a high-level Saudi delegation that would usher in a new era of Saudi investment in Pakistan, trade partnership as well as business ties.

He lauded the relevant federal ministers, the Special Investment Facilitation Council and the relevant senior officers for their efforts for converting the Saudi delegation’s visit into a mutually beneficial partnership.

He instructed the authorities concerned to engage world-class experts to execute the foreign investment projects and called for capacity building of the ministries to achieve the desired results.

He asked the Board of Investment, SIFC and relevant ministries to devise a mechanism to ensure execution of the projects agreed with the Saudi delegation.


tribune.com.pk

Shehbaz warns against red tape in Saudi investment | The Express Tribune

PM orders expedited sell-off, outsourcing of DISCOs
tribune.com.pk tribune.com.pk
 
Let's see. Munir promised billions apparently around $50bn , Billo got in $10bn 🤣🤣🤣🤣 according @Major and here we are today without 2 pennies to rub together.
 
Bewal Express said:
Let's see. Munir promised billions apparently around $50bn , Billo got in $10bn 🤣🤣🤣🤣 according @Major and here we are today without 2 pennies to rub together.
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Why do you qoute me on things i never said 8 months after?

Get a life
 
Pakistan seeks $3.5bn financing from KSA for Diamer-Bhasha dam

Pakistan has sought $3.5 billion financing from the Kingdom of Saudi Arabia (KSA) for Diamer-Bhasha Dam during the visit of a high-powered delegation from KSA on April 15-16.

“The authorities in KSA would respond to Pakistan after the input of the financial adviser on Diamer-Bhasha Dam. The financial adviser to be appointed by KSA would carry out due diligence of the project and business model which Pakistan authorities pitched before the Saudi delegation,” a senior government official told The News.

“Wapda would also appoint a financial adviser (FA), which will deal with the FA on the project appointed by KSA.” The formal request is likely to come from KSA in 1.5-2 months.

The cost of Diamer-Bhasha Dam stands at $8 billion out of which foreign component stands at $4 billion. Wapda has arranged $500 million through its Euro Bond.

Out of $3.5 billion, Wapda asked the KSA authorities to provide concessional loan of $2.3 billion at 2.25pc interest rate for 25 years with grace period of six years. It sought $1.2 billion as its equity in the project at 4.45pc at par with the interest cost of US 10-year Treasury Bond.

The Saudi Fund has already provided $240 million as concessional loan at 2.25pc for 25 years. The Diamer-Basha Dam project is being constructed on a 30pc equity and 70pc debt ratio. This is the biggest dam in Pakistan and tallest RCC (Roller Compacted Concrete) in the world.

Work has already begun on the dam part of the project. The dam will have capacity to generate around 18 billion GWh annually. 4,500 megawatts of electricity will be generated with gross storage capacity of 8.10 MAF (million acres feet) of water, while live storage capacity will be 6.4 million MAF.


The News
 

Pakistan and Saudi Arabia pledge to deepen ties in diverse areas​

Prime Minister Shehbaz Sharif of Pakistan held a crucial meeting with His Excellency Muhammad bin Salman Al Saud, the Crown Prince and Prime Minister of Saudi Arabia.

During their discussions, both leaders expressed contentment with the progress made on the decisions agreed upon during their previous meeting in Makkah.

Their dialogue also centered on the mutual desire to further strengthen cooperation across various sectors.

PM Sharif extended his gratitude to the Crown Prince for the significant gestures of support, including the dispatch of high-level delegations to Pakistan, led by the Saudi Foreign Minister, as well as for the continued interest in capital investment in Pakistan.

Acknowledging the warm hospitality extended during his recent visit to Saudi Arabia, the premier particularly appreciated the arrangements made for a comprehensive program on Saudi investment in Pakistan, hosted by Saudi ministers.

Furthermore, the two leaders delved into the pressing matter concerning the situation in Gaza, underlining the importance of addressing humanitarian concerns in the region.

Source: SAMAA
 

Saudi trade delegation arrives in Pakistan to discuss investment​


A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin Salman.

Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal received the 50-member delegation comprising representatives of about 30 companies.

The delegation is set to hold discussions with Pakistani officials regarding various investment in diverse sectors for the promotion of bilateral trade and strengthening business ties with local entrepreneurs.

Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

He said that talks will place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

"Projects from $500 million to $1 billion will also be included in the discussions," the minister had said.

He added that the discussions would also include modernisation of the refinery.

The delegation's arrival in Pakistan is followed by Prime Minister Shehbaz Sharif's recent visit to Saudi Arabia to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy.

During his visit, the premier also met Saudi Crown Prince Mohammed bin Salman to discuss cooperation in various sectors and also held a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi.

In his meeting with the minister, PM Shehbaz said that the economic ties between Islamabad and Riyadh had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade.

The Saudi minister said that the Kingdom was prioritising trade and investment in Pakistan, adding that a delegation of Saudi businessmen, traders and investors would soon visit the country.

Last month, a high-level delegation from Saudi Arabia led by Foreign Minister Prince Faisal bin Farhan bin Abdullah had also visited Islamabad on a two-day visit aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

The delegation consisted of Saudi Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.

www.thenews.com.pk

Saudi trade delegation arrives in Pakistan to discuss investment

ISLAMABAD: A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin...
www.thenews.com.pk www.thenews.com.pk
 
FearlessRoar said:

Saudi trade delegation arrives in Pakistan to discuss investment​


A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin Salman.

Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal received the 50-member delegation comprising representatives of about 30 companies.

The delegation is set to hold discussions with Pakistani officials regarding various investment in diverse sectors for the promotion of bilateral trade and strengthening business ties with local entrepreneurs.

Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

He said that talks will place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

"Projects from $500 million to $1 billion will also be included in the discussions," the minister had said.

He added that the discussions would also include modernisation of the refinery.

The delegation's arrival in Pakistan is followed by Prime Minister Shehbaz Sharif's recent visit to Saudi Arabia to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy.

During his visit, the premier also met Saudi Crown Prince Mohammed bin Salman to discuss cooperation in various sectors and also held a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi.

In his meeting with the minister, PM Shehbaz said that the economic ties between Islamabad and Riyadh had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade.

The Saudi minister said that the Kingdom was prioritising trade and investment in Pakistan, adding that a delegation of Saudi businessmen, traders and investors would soon visit the country.

Last month, a high-level delegation from Saudi Arabia led by Foreign Minister Prince Faisal bin Farhan bin Abdullah had also visited Islamabad on a two-day visit aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

The delegation consisted of Saudi Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.

www.thenews.com.pk

Saudi trade delegation arrives in Pakistan to discuss investment

ISLAMABAD: A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin...
www.thenews.com.pk www.thenews.com.pk
Click to expand...
They’ve been discussing a refinery for the last 20 years..
 
Saudi is apparently going to invest $6bn, IMF loan is just over billion but Munir has stolen a billion with his scam wheat import. No wonder the crook wants to ban social media
 

Saudi investors expected to invest $10bn in Pakistan​

The Saudi investors and traders are expected to invest $10 billion in Pakistan.

According to the details, a key Saudi delegation will touchdown Pakistan today (Sunday). The representatives from nearly 30 companies will be part of the delegation.

It is expected that the Saudi investment will pave the way for new employment opportunities.

Expressing his thoughts, Federal Minister for Petroleum Musadik Malik said: “This time around, a journey of development will start instead of aid.”

“The prime minister wants to see the support of the private sector during the journey to progress,” he said.

www.samaa.tv

Saudi investors expected to invest $10bn in Pakistan

The Saudi investors and traders are expected to invest $10 billion in Pakistan.
www.samaa.tv www.samaa.tv
 
Investing or becoming de facto owners of Pakistan? I really hope this is private sector investment that will create jobs and help the economy.
 
Hope to see that huge sum to be seen used somewhere in Pakistan because lots of this investment goes to mafias instead of poor people.
 
Saudi Crown Prince Mohammad Bin Salman’s visit to Pakistan ‘delayed’

The much-anticipated visit of Saudi Crown Prince Muhammad bin Salman (MBS) to Pakistan has been deferred, ARY News reported on Saturday citing sources.

MBS was slated to arrive in Islamabad this month for two days.

Official sources had indicated earlier without giving any schedule that the crown prince would be in Islamabad on May 19, for two days.

Sources said that officials from both countries are holding consultations to finalise date for Saudi Crown Prince Mohammad Bin Salman’s Pakistan visit.

Earlier, Foreign Office spokesperson Mumtaz Zehra Baloch made it clear on Friday that as soon the schedule was worked out between the two capitals, it would be made public.

She was confident that the Mohammad Bin Salman’s visit would take place soon and it would surely be very valuable and people of Pakistan are anxiously waiting for the leader from the brotherly country.

MBS’ much-anticipated visit will be the first visit by the Saudi Crown Prince to Pakistan in five years. The last time he was in Pakistan was in February 2019. The Saudi crown prince will land in Pakistan along with his delegation.

The visit will see the third in-person meeting between Pakistan’s Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed Bin Salman in a period spanning five weeks.

Recently, the high-level trade delegation from Saudi Arabia headed by deputy minister for Investment Ibrahim al-Mubarak visited Pakistan to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.

The 50-member Saudi delegation included representatives of about 35 companies, representing various economic sectors.

arynews.tv

Saudi Crown Prince Mohammad Bin Salman's visit to Pakistan ‘delayed’

ISLAMABAD: The much-anticipated visit of Saudi Crown Prince Muhammad bin Salman (MBS) to Pakistan has been deferred, ARY News reported on Saturday citing
arynews.tv arynews.tv
 
Pakistan, Saudi Arabia reaffirm commitment to strengthen ties

Deputy Prime Minister and Foreign Minister Ishaq Dar on Saturday held a meeting with the Ambassador of Saudi Arabia Nawaf al Maliki to discuss the positive trajectory of fraternal relations between Pakistan and the Kingdom.

In the meeting, the two sides discussed various issues especially enhancing cooperation in different sectors including education, trade and investment.

Secretary Education who participated in the meeting, briefed on the forthcoming conference of Muslim countries on Girls’ Education in Islamabad.

The meeting concluded with a reaffirmation of the commitment to strengthening mutually beneficial bilateral ties between the two brotherly countries.

Recently, Saudi Arabia has made changes to its tourist visa requirements in a move to facilitate the growing number of Pakistani tourists.

The new regulations aim to attract more visitors from Pakistan, with a target of 2.7 million arrivals in 2024, a substantial increase from the 43% growth witnessed in 2023.

To simplify the process, applicants can now submit a bank statement showing a minimum monthly credit amount of USD 750 or its equivalent, a more lenient requirement than before.

To further facilitate the process, Saudi Arabia has established six Tasheer offices across Pakistan, located in Peshawar, Quetta, Lahore, Karachi, Islamabad, and Multan. These offices offer a convenient and user-friendly experience, including visa application guidance, biometric enrollment, status tracking, and passport delivery.

Travelers can schedule an appointment on the Tasheer website prior to their visit, ensuring a seamless experience.

arynews.tv

Pakistan, Saudi Arabia reaffirm commitment to strengthen ties

Ishaq Dar on Saturday met Ambassador of Saudi Arabia to discuss positive trajectory of fraternal relations between Pakistan and the Kingdom.
arynews.tv arynews.tv
 
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