Saudi Arabia agrees to augment its $3 billion support for Pakistan

ISLAMABAD, May 1: Finance Minister Miftah Ismail has said that the Kingdom of Saudi Arabia has vowed to provide support to Pakistan and its economy by augmenting the $3 billion deposit with the State Bank of Pakistan and further enhancing the financing of petroleum products and supporting the economic structural reforms for the benefit of the country and its people. Miftah posted a tweet on Sunday quoting excerpts of joint statement on the visit of Prime Minister Shehbaz Sharif to the Kingdom. He wrote: “The Kingdom of Saudi Arabia affirmed its continued support to Pakistan and its economy including the discussion of augmenting the three billion USD deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people. Pakistan greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan.” Earlier, Pakistan and the Kingdom of Saudi Arabia have affirmed their stance to consolidate security and stability, renounce violence, extremism and terrorism, support the unity and independence of the countries of the region and their territorial integrity, as well as to give priority to political solutions that bring prosperity & progress to the region and its people. In the political context, the two sides exchanged views on issues of mutual concern in the regional and international levels, and agreed on the importance to continue coordinating their positions in a way that serves their interests, said a joint statement issued at the conclusion of Prime Minister Muhammad Shehbaz Sharif’s three-day official visit to the KSA. The prime minister along with a delegation visited the KSA at the invitation of Saudi Crown Prince Muhammad bin Salman. The two sides agreed to continue exchanging support and coordination in international organizations and forums and stressed the importance of all countries’ commitment to the United Nations Charter and the principles of international law, adherence to the principles of good neighborliness, respect for the unity and sovereignty of states, non-interference in internal affairs, and striving to resolve disputes by peaceful means. – DNA