KINGDOM of Saudi Arabia (KSA) is amongst the few countries which have always stood by Pakistan in difficult times which reaffirms the deep rooted bonds of friendship between the two countries. In a televised message on Tuesday, the Finance Minister confirmed that Pakistan has received two billion dollars deposits from Saudi Arabia, thus enhancing the country’s foreign exchange reserves from 9.67 billion dollars to 11.67 billion dollars. This was a much needed lifeline which will have a positive impact on the stability of the currency and building the confidence of investors. As soon as the Finance Minister announced the development, the impact was immediately visible in the stock market.
In recent months, when the IMF was not on board, China is the other friendly country which extended financial support in the form of rollovers of five billion dollars. The people of Pakistan will remain indebted to the favour and support provided by the friendly countries in difficult economic situations. The million dollar question, however, is as to how far we will continue to spread our begging bowl before these countries? It is really time to do some serious introspection and correct our course. Instead of seeking financial support from these friends, our focus should be on attracting investment from them. It is the only way forward through which we can stand on our own feet and ensure economic security and sovereignty. Most recently, both the civilian and military leadership have made some endeavours in this regard. The manifestation of this can be seen in the establishment of the Special Investment Facilitation Council and launch of Green Pakistan Initiative aimed at uplifting the agriculture sector. While addressing the National Seminar on Agriculture and Food Security the other day, Prime Minister Shehbaz Sharif said the Gulf countries are showing great interest in this initiative which is likely to fetch an investment to the tune of thirty to fifty billion dollars. If this happens, this will change the whole landscape of our agriculture sector and help the country better tackle recurring issues such as that balance of payment crisis. It must be ensured that these initiatives in different sectors under the economic revival plan are pursued vigorously, no matter which party forms the next government. It is only by encouraging entrepreneurship, innovation and supporting small and medium enterprises, the country can create a dynamic business environment that fosters economic resilience.
