Pakistan, Saudi Arabia agree to strengthen ongoing cooperation in energy, investment

Pakistan and Saudi Arabia have agreed to further strengthen bilateral ties between the two countries and also resolved to expedite ongoing cooperation in the fields of investment, energy and trade.

As per the Prime Minister’s Office (PMO), Prime Minister Shehbaz Sharif and Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud reached the understanding during a telephonic conversation on Monday.

The crown prince also congratulated PM Shehbaz and the people on Pakistan's 75 years of independence.

The PMO said that Mohammed bin Salman conveyed his best wishes for the continued progress, prosperity and development of Pakistan.

During the phone call, the two leaders reviewed the progress on the decisions taken during the visit of the former in April this year. Shehbaz had visited Saudi Arabia in April after assuming office.

PM Shehbaz arrives in Saudi Arabia for three-day official visit

"Both the leaders reaffirmed the resolve to further strengthen the strong, long-standing Pakistan-Saudi Arabia fraternal ties,” the PMO said.

Meanwhile, PM Shehbaz also thanked the crown prince for the “recent support for the stability and development of Pakistan’s economy”.

The conversation comes after it was reported that Saudi Arabia plans to renew its $3-billion deposit in assistance to Pakistan, while also intending to provide $100 million per month for 10 months in petroleum products that would be granted as additional support.

The Saudi Ministry of Finance plans to renew its $3 billion deposit with the State Bank of Pakistan (SBP) as soon as this week, the report added, citing people familiar with the matter.

Saudi Arabia plans to renew $3bn deposit in assistance to Pakistan: report

The additional support would mean Pakistan’s funding gap, as the International Monetary Fund (IMF) calls it, has been covered after Saudi Arabia’s commitment.

The assurance will pave way for the IMF board’s approval at the end of the month

Meanwhile, PM Shehbaz invited the crown prince to visit Pakistan which was accepted by him.