Prime Minister Shehbaz Sharif and Crown Prince Mohammed Bin Salman have agreed to speed up the implementation of a $5 billion investment package for Pakistan, as stated in a joint declaration issued by both nations.
The decision was made during a meeting between the two leaders during Prime Minister Shehbaz’s visit to Saudi Arabia, marking his first foreign trip since taking office.
In January last year, the Crown Prince had instructed the Saudi Development Fund (SDF) to explore increasing the deposit amount in the State Bank of Pakistan (SBP) to $5 billion. This move reaffirmed Saudi Arabia’s commitment to supporting Pakistan’s economy and its people.
Previously, in September 2023, then-caretaker Prime Minister Anwaarul Haq Kakar had announced that Saudi Arabia planned to invest up to $25 billion in Pakistan over the next two to five years across various sectors such as mining, agriculture, and information technology.
The joint statement emphasized the strengthening of fraternal ties between the two countries and exploring opportunities for enhanced collaboration across different sectors. Both parties reiterated their dedication to accelerating the initial phase of the $5 billion investment package.
Additionally, discussions between Prime Minister Shehbaz and the Saudi Crown Prince addressed regional and global developments, including the situation in Gaza. They called for international efforts to cease Israeli military operations in Gaza and facilitate humanitarian aid access, in accordance with relevant UN resolutions.
Furthermore, the leaders emphasized the importance of dialogue between Pakistan and India to address outstanding issues, particularly the Kashmir dispute, for regional peace and stability.
Prime Minister Shehbaz extended an invitation to the Crown Prince to visit Pakistan, which was accepted. The Crown Prince congratulated Shehbaz on assuming office and conveyed warm wishes for his tenure.
Pakistan’s delegation to Saudi Arabia included Foreign Minister Ishaq Dar, Defence Minister Khawaja Asif, Information Minister Ataullah Tarar, Finance Minister Muhammad Aurangzeb, and Punjab Chief Minister Maryam Nawaz Sharif.