Saudi Arabia has reaffirmed its commitment to fully support Pakistan financially during challenging economic times. The assurance came during a high-level visit by the Saudi Finance Minister, signaling stronger bilateral ties and expanded cooperation.
Saudi Arabia has assured Pakistan of full financial backing, expressing determination to help the country navigate its difficult economic situation.
The commitment was made during the one-day visit of Muhammad bin Abdullah Al-Jadaan to Pakistan, where key discussions focused on financial assistance and long-term cooperation.
According to the Ministry of Finance, discussions included increasing loans, extending credit lines, and enhancing oil financing facilities.
Pakistan requested a $5 billion loan and an extension of the oil financing facility, with a proposal also under consideration to extend the oil facility for another five years.
Pakistan’s economic pressures
Officials noted that Pakistan is currently under pressure to repay approximately $4.8 billion in debt this month. A Eurobond worth $1.4 billion has already been repaid.
In this situation, further financial assistance is considered essential to maintain the country’s foreign exchange reserves and economic stability.
Agreement to expand trade, investment
Both countries agreed to further enhance cooperation in trade, investment, and the broader economy. The discussions reaffirmed strong, brotherly relations and a shared commitment to deepen economic ties.
The visit was described by the Ministry of Finance as a clear indication of strengthening partnership between Pakistan and Saudi Arabia.
During his visit, the Saudi finance minister held key meetings with Prime Minister Shehbaz Sharif, Foreign Minister Ishaq Dar, and Field Marshal Asim Munir.
Prime Minister Sharif conveyed his best wishes to King Salman bin Abdulaziz and Mohammed bin Salman, thanking the Saudi leadership for its continued financial and economic support.
He also referred to his recent conversation with Crown Prince Mohammed bin Salman and praised his deep affection and commitment to Pakistan.
Commitment to stronger bilateral relations
The meeting reaffirmed both sides’ resolve to further strengthen their long-standing and brotherly relationship. Pakistan emphasized its desire to expand cooperation across all sectors.
The Saudi minister also reiterated Saudi Arabia’s commitment to deepening ties and supporting Pakistan’s economic progress.
Prime Minister Sharif hosted a dinner in honour of the visiting dignitary, underscoring the importance of the visit.
Sources said the Saudi Minister welcomed the ongoing US-Iran talks, while Pakistan reiterated its commitment to playing a constructive role in promoting regional peace and stability.
After completing his one-day visit, Muhammad bin Abdullah Al-Jadaan returned home. He was seen off at Islamabad airport by Finance Minister Muhammad Aurangzeb, where both leaders held a cordial meeting.
The Ministry of Finance stated that discussions at the airport also focused on strong bilateral ties, with expectations of another meeting during upcoming World Bank and IMF gatherings.
