Saudi ambassador reiterates economic support for Pakistan

September 11, 2024 (MLN): Nawaf Bin Said Al-Malki, ambassador of the Kingdom of Saudi Arabia, on Wednesday reiterated his kingdom’s unwavering commitment to contributing to Pakistan’s economic growth.

The envoy made these remarks during a meeting with federal minister for finance and revenue Muhammad Aurangzeb, said a press release issued today.

The ambassador also acknowledged the immense potential for investment and business opportunities between the two countries.

He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.

“Nawaf Bin Said Al-Malki commended the Government of Pakistan's efforts in implementing structural and institutional reforms,” the press statement added.

Muhammad Aurangzeb, reaffirmed Pakistan’s commitment to a homegrown economic agenda centered on comprehensive institutional reforms across key sectors of the economy.

He emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government's policy agenda.

Senator Aurangzeb expressed deep appreciation for the Kingdom of Saudi Arabia's consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan's private sector.

The minister also recalled his productive meetings with His Excellency Mohammad Al-Jadaan, Finance Minister of Saudi Arabia, and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), during his visit to Washington in April this year.

He further noted the significant outcomes of the high-level business delegation's visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.

During the discussion, senator Aurangzeb outlined Pakistan’s positive economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit, and foreign exchange reserves sufficient to cover two months of imports.

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