PM Sharif Expresses Gratitude to Saudi Arabia for $2 Billion Deposit

PM Sharif Expresses Gratitude to Saudi Arabia for $2 Billion Deposit

Islamabad, July 12, 2023 – In a significant development for Pakistan’s economy, Prime Minister Shehbaz Sharif expressed his heartfelt thanks to Saudi Arabia for depositing a substantial amount of $2 billion with the State Bank of Pakistan (SBP).

This generous contribution from Saudi Arabia is expected to play a vital role in bolstering the country’s financial stability and economic growth.

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Acknowledging the unwavering support of the Saudi leadership, PM Sharif highlighted the crucial role it played in securing a favorable deal with the International Monetary Fund (IMF). During a meeting with the Ambassador of the Kingdom of Saudi Arabia, Nawaf bin Saeed Ahmad Al-Malkiy, at the Prime Minister’s office, Shehbaz Sharif expressed his deep gratitude to Crown Prince and Prime Minister Mohammed bin Salman for the significant deposit.

The formation of the Special Investment Facilitation Council (SFIC) was also discussed during the meeting. The SFIC aims to streamline and expedite potential investments from Gulf Cooperation Council (GCC) member states, including Saudi Arabia. PM Sharif emphasized the need to fast-track and enhance mutually beneficial cooperation between Pakistan and Saudi Arabia in key sectors such as information technology, energy, infrastructure, and labor.

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Ambassador Nawaf expressed satisfaction with the current trajectory of bilateral relations, emphasizing the strong fraternal bond, mutual trust, and understanding between Pakistan and Saudi Arabia. The two countries have a longstanding tradition of supporting each other through thick and thin, and their close cooperation has been instrumental in promoting regional stability and development.

PM Sharif reaffirmed Pakistan’s eagerness to welcome the crown prince and prime minister of Saudi Arabia on their visit to the country at the earliest opportunity. This visit is expected to further strengthen the strategic partnership between the two nations and open up new avenues for collaboration and investment.

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The deposit of $2 billion by Saudi Arabia marks a significant milestone in Pakistan’s efforts to stabilize its economy and attract foreign investment. The funds will help address fiscal challenges, enhance foreign exchange reserves, and stimulate economic activities in the country. This development highlights the deep-rooted friendship and mutual support between Pakistan and Saudi Arabia, serving as a testament to their commitment to each other’s progress and prosperity.

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