Saudi Arabia pledges $3bn to Pakistan, defers oil payments

In this handout photograph released by Pakistan’s Press Information Department (PID) on October 23, 2018, Saudi King Salman meets with Pakistan’s Prime Minister Imran Khan during a meeting in Riyadh. Saudi Arabia. (AFP)
Updated 24 October 2018
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Saudi Arabia pledges $3bn to Pakistan, defers oil payments

  • It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support: statement
  • Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration

RIYADH: Saudi Arabia has pledged $3 billion in support to Pakistan and allowed for deferred oil payments to help stave off a budget crisis.

The deal came as Pakistani Prime Minister Imran Khan attended the opening of the Future Investment Initiative (FII) in Riyadh on Tuesday.

Earlier Khan met with King Salman and Crown Prince Mohammed bin Salman to discuss bilateral issues. It was his second visit to the Kingdom in just over a month.

“It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support,” Pakistan’s Foreign Ministry said in a statement.

“It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”

During his address to the gathering of global business executives, Khan also confirmed that Pakistan was in talks with the International Monetary Fund (IMF) for a new bailout.

Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration. During his election campaign, the former cricketer vowed to create 10 million jobs and establish an “Islamic welfare state.”

After a consultative visit last month, the IMF had warned that Pakistan needed to quickly secure “significant external financing” to avert a crisis. 

Saudi Arabia and Pakistan have also discussed potential investment in mineral resources in Balochistan, the largest of Pakistan’s four provinces which borders Iran and Afghanistan.

Further discussions were held about a refinery project in Pakistan, the Finance Ministry said in the statement.

Pakistan’s external balance of payments represents one of the biggest challenges facing Khan.

The country’s current account deficit has ballooned as its central bank’s foreign reserves dropped to about $8.1 billion in October.

That was barely enough to meet the country’s sovereign borrowings between now and the end of the year.

The IMF expects Pakistan’s economic growth to slow to about 4 percent in 2019.

Pakistan is seeking to attract increased inward investment to help shore up its finances and Khan used the event as platform to talk about opportunities in sectors such as tourism, minerals, coal and gas exploration.

He also highlighted what he said were the successes of Pakistan in the fight against terrorism, which has brought peace and stability to the country, and pointed to the significance of the China-Pakistan Economic Corridor (CPEC).

China has become an increasingly high-profile investor in Pakistan as Beijing pushes ahead with major projects such as the CPEC.


Health campaign promotes quality care in Saudi Arabia

Updated 04 November 2024
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Health campaign promotes quality care in Saudi Arabia

RIYADH: The Ministry of Health has launched a campaign to promote health by enhancing access to and the quality and efficiency of health services and raising awareness of health risks, the Saudi Press Agency reported Monday.

The campaign “A Vibrant, Healthy Nation” introduces a modern healthcare model, offering integrated, individual-centered services aligned with Vision 2030’s goal of fostering a healthy society.

The ministry is committed to “enhancing public health, improving quality of life, and raising the Kingdom’s global healthcare standing.”

The campaign highlights the health transformation initiative’s positive impacts and informs citizens about its main features, aiming to engage all segments of society, SPA reported.

It emphasizes a shift from treating illness to prevention, involving primary care doctors and early detection programs.


Saudi environment ministry launches program to develop green tech

Updated 04 November 2024
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Saudi environment ministry launches program to develop green tech

  • Scheme seeks new ways to repurpose wastewater, looks at impact of microplastics

RIYADH: The Ministry of Environment, Water and Agriculture has opened applications for a new program to find ways to develop sustainable technologies in Saudi Arabia.

The Sustainable Innovation Fellowship Program aims to find ways to repurpose by-products from water treatment for the benefit of the environment; develop sustainable technologies for recycling membranes used in water treatment; and explore methods to reuse treated wastewater in desert and arid regions.

Supported by the Environment Fund and the Research, Development and Innovation Authority, the fellowship program will also assess the environmental impact of microplastics in water treatment plants, sewage, and wastewater.

In line with Saudi Vision 2030, the Ministry of Environment, Water and Agriculture is also introducing new e-services in accordance with international standards.


Industry meets creativity at Athar festival in Riyadh

Updated 04 November 2024
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Industry meets creativity at Athar festival in Riyadh

  • With workshops, discussions, and awards, the festival aims to drive growth in Saudi Arabia’s creative sectors

The second Athar Saudi Festival of Creativity will take place in Riyadh from Nov. 5 to 6.

Hosted by UAE-based Motivate Media Group and communications consultancy TRACCS, the festival will gather over 1,500 professionals and leaders from the creative marketing industry, featuring 100 regional and international speakers.

Ian Fairservice, managing partner and group editor in chief of Motivate Media Group, will chair the event, alongside Vice Chairman Mohammed Al-Ayed, CEO of TRACCS.

Pre-festival activities began on Nov. 3 with the Young Talent Academies, including the Student Creative Academy (in partnership with the Middle East Communications Network), the Student Marketers Academy, the NextGen Creative Academy, and the NextGen Marketers Academy.

These academies, featuring keynote sessions from industry experts, workshops, and a 24-hour hackathon, are open to full-time university students aged 18 to 25 and professionals under 30 in creative communications, marketing, or advertising.

The festival will continue on Tuesday and Wednesday with panel discussions, presentations, and fireside chats focused on redefining and growing the creative landscape in Saudi Arabia, the Middle East, and beyond, covering various sectors such as sports, entertainment, and tourism.

The event will conclude with the Athar Awards ceremony on the evening of Nov. 6.

Notable speakers include Sir Martin Sorrell, founder and executive chairman of S4 Capital PLC; Matt McKie, director of marketing for Manchester United; Waseem Kashan, executive director of marketing at ROSHN Group; Yahya Hamidaddin, vice president of corporate communications at ACWA Power; and Houda Tohme, CEO of Havas Media Middle East.

Sessions and keynotes will explore themes such as purpose-driven marketing, brand growth strategies, artificial intelligence, technology, cross-sector innovation, and unlocking creative potential.


Saudi Arabia and Iraq sign MoU on military cooperation

Updated 04 November 2024
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Saudi Arabia and Iraq sign MoU on military cooperation

  • Two defense ministers reviewed longstanding relations between their countries, focusing on ways to enhance defense ties

RIYADH: Saudi Defense Minister Prince Khalid bin Salman and his Iraqi counterpart Thabet Al-Abbasi signed a memorandum of understanding on Monday aimed at strengthening cooperation in the military field.

The agreement, signed during a high-level meeting in Riyadh, represents a significant step forward in defense collaboration between the Kingdom and Iraq, Saudi Press Agency reported.

During their discussions, the two ministers reviewed the longstanding relations between their countries, focusing on ways to enhance defense ties.

They emphasized the importance of continued cooperation to foster regional security and stability, particularly amid ongoing regional tensions.

Both ministers discussed recent developments and shared efforts aimed at de-escalating conflicts, prioritizing actions that support peace and security in the region.

The MoU establishes a framework for increased collaboration on military matters, allowing Saudi Arabia and Iraq to address shared security challenges more effectively and pursue mutual goals in defense, SPA added. 


Saudi Islamic affairs minister receives Chinese envoy

Updated 04 November 2024
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Saudi Islamic affairs minister receives Chinese envoy

Saudi Minister of Islamic Affairs, Dawah and Guidance Dr. Abdullatif Al-Asheikh received Chinese Ambassador to the Kingdom Chang Hua in Riyadh on Monday.

During the meeting, they exchanged cordial talks and discussed issues of common interest, particularly those related to Islamic work and promoting moderation and peaceful coexistence, the Saudi Press Agency reported.

Riyadh Gov. Prince Faisal bin Bandar received Ambassador of Iran to the Kingdom Alireza Enayati in Riyadh on Monday. They discussed bilateral relations and other topics of common interest.