Saudi investment minister vows sovereign fund connection with Pakistan

February 01, 2024 (MLN): To further strengthen bilateral ties, Khalid Al-Falih, the Investment Minister of the Kingdom of Saudi Arabia, has pledged to create a linkage between the sovereign funds of both Saudi Arabia and Pakistan.

According to a press release issued yesterday, the investment minister made these remarks during a virtual meeting with Dr. Shamshad Akhtar, the Minister for Finance, Revenue and Economic Affairs.

The Minister for Finance, Revenue and Economic Affairs had a virtual meeting with Khalid Al- Falih, the Investment Minister of the Kingdom of Saudi Arabia and discussed matters of mutual interest and cooperation.

Dr. Shamshad Akhtar highlighting the steps taken by the caretaker government in bringing financial stability said, that Pakistan has achieved macroeconomic stability and reversed the negativity, by building the confidence of bilateral and multilateral donors in the International market.

The Finance Minister appreciated the efforts of SIFC which has played a positive role in the ease of doing business and implemented projects a success.

While gratifying the efforts of the Saudi Sovereign Wealth Fund which has brought a financial boom in Saudi Arabia, she emphasized that Pakistan wanted to learn from its best practices for developing the Pakistan Sovereign Wealth Fund, which had been tasked with the privatization of government assets in financial difficulty.

Lauding the efforts of the Caretaker government in bringing Pakistan to financial stability Khalid Al- Falih stressed, that the existence of SIFC is critical to ensure the continuity of projects during the transition of government.

He further emphasized that both countries were closely knit in religious ties and had strong cooperation which will be further enhanced in the future.

In the end, the Finance Minister appreciated the continuous support of the Kingdom of Saudi Arabia to Pakistan. 

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