PM Shahbaz thanks Crown Prince Salman for Saudi economic support

PM Shahbaz thanks Crown Prince Salman for Saudi economic support

Saudi Crown Prince Mohammad Bin Salman receives PM Shehbaz Sharif upon his arrival for a state visit on April 30, 2022.

IMF and Riyadh have also discussed the possibility of Islamabad being able to borrow up to $2.8bn against Riyadh’s quota of SDRs

ISLAMABAD Prime Minister Shahbaz Sharif dialed Saudi Arabia Crown Prince Mohammad Bin Salman and thanked him for the recent profitable and development support handed to Pakistan.

According to a PM Office statement, the high minister recalled the major support extended by the area to Pakistan in times of need and conveyed his deep respect to the Custodian of the Two Holy Kirks, King Salman bin Abdulaziz.
The development comes after Saudi Arabia bailed out Pakistan ahead of a pivotal board meeting of the International Monetary Fund( IMF) latterly this month to authorize Pakistan’s request for a$1.17 tranche.

The IMF agreed last month to increase its loan package by$ 1bn to$ 7bn, but has conditioned the disbursement on assurances that Pakistan receives fresh fiscal support from away.

According to a Financial Times report, the IMF and Saudi Arabia have also bandied the possibility of Islamabad being suitable to adopt up to$2.8 bn against Riyadh’s share of Special Drawing Rights( SDRs) at the Fund after Saudi Arabia’s decision to renew$ 3bn deposit at the State Bank of Pakistan.

“ Once finalised, Pakistan’s extent of borrowing from the IMF during the present fiscal time( July to June) will increase by$2.8 bn. This will be a veritably important gesture, ” a elderly Pakistani functionary said.

In a telephone conversation today, Saudi Arabia’s Crown Prince Salman congratulated Prime Minister Shabazz Sharif and the people of Pakistan on the 75th anniversary of Pakistan’s independence.

The Crown Prince also wishes Pakistan further progress, prosperity and development.

The two leaders also exchanged views on matters of common interest, the statement added. The two leaders reiterated their determination to continue to strengthen the longstanding and strong brotherhood between Pakistan and Saudi Arabia.

They also reviewed progress on decisions made by both sides during the Prime Minister’s visit in April 2022. The two leaders decided to accelerate their ongoing cooperation in the fields of investment, energy and trade.
The Prime Minister repeated the invitation to the Crown Prince to make an official visit to Pakistan, which he gladly accepted.

Credit/Source : THENEWSPK

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