A recent article by former Saudi Ambassador to Pakistan, Dr Ali Awadh Asseri, published in Saudi Arabia-based daily “Arab News”, is an honest and unbiased commentary on the 16-month performance of the coalition government led by Prime Minister Shehbaz Sharif and the bright future of the country. As the incumbent Government is about to wrap up its short tenure, the article concludes the PM, after facing significant challenges, inheriting a country on the verge of financial default, has been able to successfully navigate this complex landscape by engaging coalition leaders, the defence leadership and key foreign partners. As a result, Pakistan is now stable enough to transition smoothly toward a caretaker setup, which will hold the next general election. The article also highlights prospects of Pakistan attracting huge investment from members of the Gulf Cooperation Council (GCC), citing strategic moves by Prime Minister Shehbaz Sharif and Army Chief General Asim Munir to deepen investment and trade ties with Saudi Arabia, the UAE and Qatar.
It is not without a reason to declare the tenure of PM Shehbaz Sharif as ‘fruitful’ as he has been able to successfully steer the country out of troubled waters raising hopes for good days ahead. The political opposition has a vested interest in portraying performance of the government in a negative light as it cannot afford to acknowledge ground realities in the election year and the general public too seems to be weary of the unending upward inflationary trends. However, the worth-reading article of the former Saudi envoy, who has an intimate and in-depth knowledge of Pakistan’s economy, defence, security and foreign relations, sparks confidence among people of Pakistan about positive impact of the policies pursued by the present government on overall economy of the country and restored credibility of the state in the comity of nations. It is also a confirmation that the Gulf countries are poised to make substantial investment in different sectors of Pakistan’s economy for which a salutary environment has been created with the establishment of Special Investment Facilitation Council (SIFC) and Pakistan Sovereign Fund. The information shared and assessment made by Dr Asseri also strengthens the impression that the recent moves of the government, backed fully by Pakistan Army, to attract investment as part of the strategy to put the economy back on track, have been initiated after necessary ground work. As pointed out by the writer of the article, GCC region plays a crucial role in Pakistan’s economy, serving as the primary source of energy imports and foreign remittances. It is also home to the largest number of Pakistani expatriate workers. The ongoing economic diversification and regional reconciliation in the Gulf, particularly under the Saudi Vision 2030, offer ample opportunities for Pakistan to attract GCC investment in the development sector, as well as to export skilled manpower and tradable commodities to the Gulf nations. It seems a coordinated effort is being made for all-encompassing growth and development as the new budget envisages a comprehensive strategy for promotion of IT and telecom which would enable the country to produce well qualified manpower to fulfil needs of the Saudi economy which is witnessing an economic transformation under the visionary leadership of Crown Prince Mohammed bin Salman. In fact, a beginning has already been made to bolster economic and investment linkages with the Gulf countries as is evident from signing of a 50-year concession agreement between the UAE based AD Ports Group and Karachi Port Trust (KPT) to operate Karachi Gateway Terminal Limited (KGTL) and invest $220 million for infrastructure development. There are also reports of Pakistan in an advanced stage of negotiations with Saudi Arabia to establish a $10 billion refinery in Balochistan, capable of processing 0.3 million barrels of oil per day. The government also plans to undertake joint ventures with GCC companies, while privatizing and leasing out the loss-making public sector enterprises. Apart from its understandable focus on the economy, the coalition government took pains to repair damaged ties with important countries of the world and successfully pursued a balanced foreign policy despite limitations and vulnerabilities. There is renewed engagement with the United States, fruitful deals are being signed with the Russian Federation, there is steady flow of resources from China, Saudi Arabia and the UAE and work on CPEC-related projects has regained momentum and the scope of its activities being expanded to give a boost to the country’s economy. With all this in view, Dr Asseri’s knowledge-based assessment amounts to giving full marks to Prime Minister Shehbaz for his sincere and selfless contribution to the cause of the national economy even at the cost of his political capital.
