AS Pakistan was facing extraordinary economic pressure due to repayment of $4.8 billion debt this month as well as the Gulf crisis, Saudi Arabia has once again expressed its solidarity with the country as highlighted by the one-day visit of Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan. During his meeting with Prime Minister Shehbaz Sharif, the dignitary reaffirmed the resolve of the Kingdom of Saudi Arabia to further strengthen the long-standing, deep-rooted fraternal bonds between Pakistan and Saudi Arabia, as envisioned by His Royal Highness Crown Prince Mohammed bin Salman.
There was no official word on the kind and quantum of the support but reports suggest the Kingdom has expressed readiness to bail out Pakistan at this critical juncture. This is, in fact, in line with the long-standing commitment of Saudi leadership to help Pakistan withstand economic and financial shocks. The Kingdom provided timely and valuable assistance over the years that played a vital role in Pakistan’s economic stability, a gesture that was highly appreciated by the Prime Minister. Apart from keeping $5 billion with the State Bank of Pakistan (SBP) to help strengthen foreign exchange reserves and oil facility, Saudi Arabia has also shown keen interest in boosting bilateral trade and making investment in different sectors of Pakistan’s economy. Over two million Pakistanis, part of the Saudi labour force, are not only contributing their share to progress and development of the Kingdom but are also one of the major sources of remittances back home. Hopefully, this strategic relationship will assume wider dimensions in the post-Iran war scenario for understandable reasons.
