PM Shehbaz says Saudi Arabia always supported Pakistan in difficult times

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Shehbaz Saudi Arabia

Islamabad: Prime Minister Shehbaz Sharif has said that Pakistan highly values Saudi Arabia’s assistance in the rehabilitation of flood victims, saying that the Kingdom has always supported Pakistan in difficult times.

At the International Conference on Climate Resilient Pakistan in Geneva on Monday, bilateral and multilateral donors pledged nearly $10 billion to Pakistan to build back better after the devastating floods of 2022.

Of the total amount, Saudi Arabia alone pledged $1 billion for the rehabilitation of flood victims.

Breakdown of $9+ billion pledged to Pakistan in Geneva conference

In a meeting with a four-member delegation of the Saudi Fund, headed by the CEO, His Excellency Mr Sultan Al Murshid, in Islamabad on Thursday, PM Shehbaz expressed his heartfelt gratitude to the people and government of Saudi Arabia for announcing a $1 billion aid for the rehabilitation of Pakistan’s flood victims.

“Pakistan is grateful for the announcement by the Prime Minister and Crown Prince of Saudi Arabia, Mohammed bin Salman, of $1 billion for the rehabilitation of Pakistan’s flood victims,” a statement by the PM Office read.

The Prime Minister also expressed special gratitude to Saudi Crown Prince Muhammad bin Salman for supporting Pakistan in this difficult time.

During the meeting, various development projects of Saudi Arabia in Pakistan were also reviewed.

It is pertinent to mention that Crown Prince MBS has also directed authorities to study “augmenting” the Kingdom of Saudi Arabia’s investments in Pakistan to reach $10 billion.

According to the Saudi Press AgencyCrown Prince Muhammad bin Salman directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit in Pakistan’s central bank to hit $5 billion.

On December 2 last year, the SFD extended its term for the $3 billion deposit in the State Bank of Pakistan, which was set to mature on December 5.

The SBP had signed an agreement with the SFD in November 2022 to receive $3 billion, to be deposited in the central bank’s account to improve its foreign exchange reserves.