IN a significant display of unwavering support, Kingdom of Saudi Arabia (KSA) has once again extended the period of its $3 billion deposits with State Bank of Pakistan (SBP) for another year. This move not only aids in bolstering our foreign exchange reserves but also stands as a testament to the enduring and robust bonds shared between Saudi Arabia and Pakistan.
The $3 billion-deposit agreement, initially forged through the Saudi Fund for Development (SFD) with the SBP in 2021, was rolled over in 2022 following royal directives. Saudi Arabia has consistently demonstrated solidarity with Pakistan by extending financial assistance whenever the need arises. This ongoing support serves as a lifeline for Pakistan, helping to stabilize its economy and navigate through economic challenges. The sustained financial aid showcases the strength of the diplomatic and economic ties between the two countries. The people of Pakistan already highly regard the Saudi leadership for being the custodian of the holiest sites and their financial support is something that they will also never forget and remember with gratitude.
Then it is a matter of great satisfaction that the establishment of the Special Investment Facilitation Council (SIFC) has started bearing fruits, as evidenced by the recent agreements worth billions of dollars signed during Prime Minister Anwaar ul Haq Kakar’s visits to Abu Dhabi and Kuwait. The agreements signify a new era of economic cooperation, paving the way for increased investments in various sectors. The fruitful outcomes of the visits indicate a positive trajectory for Pakistan’s economic growth, with more agreements anticipated in the near future. it is imperative that our authorities proactively engage with their counterparts in the Gulf. Translation of these agreements into tangible and impactful outcomes requires sustained collaboration, regular dialogues, and a commitment to overcoming any potential challenges. We are confident that the SIFC will serve as an effective platform to facilitate and streamline the implementation of these agreements. At the same time, we also need to ensure political stability in Pakistan as this will give confidence to more investors to make their investments in the country.
