Islamabad, Oct 23: Pakistan’s Finance Chief Engages in Trade and Investment Talks with Saudi Counterpart in Washington. According to an official statement, Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, met with Mohammed Aljadaan, his Saudi counterpart, in the United States on Tuesday to discuss trade and investment.
Other world financial leaders have also assembled in Washington, DC, where the Pakistani minister is now attending the World Bank and International Monetary Fund (IMF) annual meetings.
After acknowledging the government’s efforts to enact strict economic reforms, the IMF this month approved a new $7 billion bailout package for Pakistan, claiming that these measures had helped bring about gradual financial stability.
The Islamabad government believed that the fresh IMF loan was necessary for more macroeconomic stability, and Saudi Arabia and other friendly countries like China and the United Arab Emirates were instrumental in assisting Pakistan in obtaining it.
The Finance Division said, “On the fringes of the World Bank-IMF Annual Meetings in Washington, DC, Finance Minister Mr. Muhammad Aurangzeb met with his Saudi counterpart, H.E. Mohammed Aljadaan.” “The two Ministers agreed to further strengthen mutually beneficial economic ties, improve bilateral trade, and facilitate investments in key sectors, acknowledging the historical and fraternal ties between the Kingdom of Saudi Arabia and Pakistan.”
The statement added, “The Saudi Minister also shared his experience of energy sector reforms.” “The parties committed to advancing collaboration in areas of shared interest.” Pakistan has made a concerted effort to increase commerce with its allies and draw in international investment.
The government created the Special Investment Facilitation Council (SIFC) in 2023 as a civil-military hybrid organization with the goal of streamlining and facilitating international commercial procedures, with a focus on Gulf state investment.
In addition to these initiatives, Pakistan has indicated a desire to increase its workforce contribution to the Gulf economy by exporting a wider pool of human resources to the area.In order to foster sustainable growth and economic cooperation with its allies, the nation is also eager to form alliances in a number of economic areas, such as infrastructure, energy, mining, and agriculture.
