Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

Pakistan Finance Minister Muhammad Aurangzeb speaks during a meeting with Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki at the office of the Ministry of Finance in Islamabad on September 11, 2024. (Photo courtesy: Finance Ministry)
Short Url
Updated 12 September 2024
Follow

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

  • Last month, Pakistan said it had secured commitments from China, Saudi Arabia and UAE to roll over debt for a year
  • Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July

ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
“Aurangzeb expressed deep appreciation for Saudi Arabia’s consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan’s private sector,” Radio Pakistan said on Thursday. 
“Aurangzeb noted the significant outcomes of the high-level business delegation’s visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.”
The minister also outlined Pakistan’s “positive” economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
“The Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government’s policy agenda,” Radio Pakistan said. 
The report said Al-Malki “commended” the government of Pakistan’s efforts in implementing structural and institutional reforms and reiterated the Kingdom’s “unwavering commitment to contributing to Pakistan’s economic growth.”
“The Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,” Radio Pakistan said. “He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.”
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
Last month, Bloomberg reported Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.


Pakistan pledges to sustain economic gains after inflation hits six-year low

Updated 18 December 2024
Follow

Pakistan pledges to sustain economic gains after inflation hits six-year low

  • Finance minister says economic progress made so far will serve as foundation for future successes
  • Consumer Price Index in Pakistan fell to 4.9 percent this month, marking its lowest level since Apr. 2018

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday vowed to maintain the country’s economic momentum after the Consumer Price Index (CPI) fell to 4.9 percent earlier this month, marking the lowest inflation rate since April 2018.
The pledge comes as Pakistan navigates a recovery from years of severe economic challenges, including soaring inflation, dwindling foreign exchange reserves, currency depreciation and a persistent fiscal deficit.
In recent months, however, the country has witnessed a steady improvement in macroeconomic indicators, taking measures to restore investor confidence, as it undertakes structural reforms under a $7 billion International Monetary Fund (IMF) program.
“The Finance Minister expressed optimism that the progress made so far would serve as a foundation for future successes, as the government remains dedicated to building a prosperous and stable Pakistan,” the finance ministry said in a statement released after the Economic Coordination Committee’s (ECC) meeting.
The meeting evaluated on the overall economic situation of the country and particularly mentioned the improvement in CPI.
“The current CPI figure marks the lowest in the past 78 months, signaling a positive shift in the country’s inflationary trends,” the statement added. “The decline in CPI reflects the government’s success in managing inflationary pressures and restoring price stability, particularly for essential commodities.”
Aurangzeb assured the public the government would continue its efforts to support economic stability and strengthen key sectors, including agriculture, manufacturing and infrastructure.
The ECC also discussed plans to pursue economic diversification and ensure better living standards for Pakistan’s population.


Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

Updated 18 December 2024
Follow

Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

  • Saudi Shura Council chairman meets Pakistani parliamentary leaders during his three-day visit
  • Speaker Ayaz Sadiq calls for closer bilateral cooperation amid changing global environment

ISLAMABAD: Saudi Arabia seeks to strengthen parliamentary and economic ties with Pakistan and is keen to assist the National Assembly in the field of technology, the Kingdom’s Shura Council Chairman Dr. Abdullah bin Mohammed bin Ibrahim Al Sheikh said on Wednesday during his visit to Pakistan.
Dr. Al Sheikh is on a three-day visit to Pakistan, during which he has met with Prime Minister Shehbaz Sharif, who described relations with the Kingdom as a “vital pillar” of Pakistan’s foreign policy.
Both countries are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, which hosts approximately 2.5 million Pakistani expatriates and remains the largest source of remittances for the cash-strapped South Asian nation.
“Saudi Arabia aspires for a prosperous and developed Pakistan,” the Saudi official said according to an official statement circulated in Islamabad, following high-level meetings with Pakistan’s parliamentary leadership, including National Assembly Speaker Sardar Ayaz Sadiq and Senate Chairman Syed Yusuf Raza Gilani.
During his meeting with Speaker Sadiq, both officials emphasized the importance of enhancing bilateral parliamentary and economic relations.
Al Sheikh expressed gratitude for the warm reception and reiterated the shared cultural, historical and religious ties between the two nations.
“The rapidly changing global environment demands closer bilateral cooperation,” Sadiq said, highlighting the significance of parliamentary exchanges and joint initiatives to further mutual interests.
Separately, the Saudi official met with Senate Chairman Gilani, where discussions focused on broadening institutional cooperation. Gilani lauded Saudi Arabia’s support for Pakistan and emphasized the importance of leveraging shared opportunities in trade, investment and defense.
“Saudi Arabia’s parliamentary delegation visit will mark a new milestone in our bilateral ties,” Gilani said, adding that both countries have always supported each other in times of need.
Al Sheikh reaffirmed the Kingdom’s commitment to Pakistan, emphasizing the longstanding friendship between the two nations.
“Saudi Arabia and Pakistan share a deep bond of respect and mutual trust, which serves as the foundation for our robust partnership,” he said.
Gilani noted that strengthening economic collaboration and exploring investment opportunities were key to deepening ties further, while encouraging Saudi investors to actively explore ventures in Pakistan.
The meetings also covered joint efforts to promote unity among the Muslim Ummah and to enhance cooperation on global forums.


South Africa call up two uncapped fast bowlers for Pakistan Test series

Updated 18 December 2024
Follow

South Africa call up two uncapped fast bowlers for Pakistan Test series

  • South Africa will be in next year’s World Test Championship final if they win one Test against Pakistan
  • The Proteas are faced with serious depletion of bowling resources, with several injured players

JOHANNESBURG: South Africa named two uncapped fast bowlers in a 16-man squad for a two-match Test series against Pakistan starting in Centurion on December 26.
With an entire battery of fast bowlers unavailable, left-armer Kwena Maphaka and Corbin Bosch were added to the team that beat Sri Lanka in Gqeberha this month.
Maphaka is an 18-year-old prodigy who has already been capped at Twenty20 international level while Bosch, the 30-year-old son of former Test fast bowler Tertius, has yet to play for the senior national team.
South Africa included all-rounder Wiaan Mulder and left-arm spin bowler Keshav Maharaj in the squad, but both selections are subject to fitness.
Mulder suffered a broken right middle finger in the first Test against Sri Lanka while Maharaj suffered what Cricket South Africa described as “an acute groin strain” while warming up for the first one-day international against Pakistan in Paarl on Tuesday.
Maharaj was due to have a scan on Wednesday to assess the severity of the injury.
Bosch, who has a first-class batting average above 40, could come into contention if Muller is unfit, while Senuran Muthusamy, also a left-armer, is the only other spin bowler in the squad if Maharaj is ruled out.
South Africa will be assured of a place in next year’s World Test Championship final if they win at least one Test against Pakistan — but their bowling resources have been seriously depleted.
Fast bowlers Anrich Nortje, Nandre Burger, Gerald Coetzee and Lizaad Williams have all been sidelined. It will be a blow if Maharaj, South Africa’s premier spin bowler, cannot play.
“We head into this series with a clear focus, with a spot in the World Test Championship final being the pot of gold at the end of the rainbow,” South African coach Shukri Conrad said in a CSA statement.
Squad: Temba Bavuma (capt), David Bedingham, Corbin Bosch, Matthew Breetzke, Tony de Zorzi, Marco Jansen, Keshav Maharaj, Kwena Maphaka, Aiden Markram, Wiaan Mulder, Senuran Muthusamy, Dane Paterson, Kagiso Rabada, Ryan Rickelton, Tristan Stubbs and Kyle Verreynne (wkt).
Fixtures:
December 26-30, Centurion
January 3-7, Cape Town


Pakistan receives 82,000 applications for government Hajj scheme this year

Updated 18 December 2024
Follow

Pakistan receives 82,000 applications for government Hajj scheme this year

  • Religious Affairs Ministry says it may reopen applications in January to fill the remaining seats
  • Pakistan allowed intending pilgrims to pay Hajj fees in installments for the first time this year

ISLAMABAD: Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under the government scheme, the spokesperson for the Ministry of Religious Affairs said on Wednesday, adding that more applications may be invited in early January to fill any remaining seats.
Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for Hajj 2025, divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aimed to fill over 89,000 seats under the government scheme.
For the first time, the country’s Hajj policy, announced in November, also allowed pilgrims to pay in installments. Under the scheme, the first installment of Rs200,000 ($717) must be submitted with the application, the second installment of Rs400,000 ($1,435) will be deposited within 10 days of balloting and the remaining amount will be paid by Feb. 10 next year.
“We have received 82,000 applications and have stopped accepting further submissions to facilitate the completion of the second installment process,” Muhammad Umer Butt, the ministry spokesperson, told Arab News, referring to the payment of expenses by pilgrims.
He said the second installment could be submitted at the same banks where applications were initially deposited, between Dec. 19 and Dec. 27.
“If any seats remain unfilled, we will reopen applications for a few days in the first week of January,” he said, adding that the ministry may also allocate leftover seats to the hardship quota, currently set at 1,000.
This quota is reserved for pilgrims with special needs or circumstances and attendants for individuals with disabilities.
The spokesperson said the government scheme witnessed about 12,000 to 13,000 more applications this year compared to 2023.
In 2024, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but the government hopes to fill all slots this time.
“This increase is due to the positive feedback from last year’s pilgrims regarding government facilities and the introduction of the installment option,” Butt said.
He informed the Pakistani Hajj mission has initiated its operations by starting the process of hiring services and accommodations in Saudi Arabia, adding the advance preparations would help determine the exact amount for the third and final installment, due in February.
The Ministry of Religious Affairs has launched the Pak Hajj 2025 mobile application to guide pilgrims, available for both Android and iPhone users. The government has also announced a reduction in airfare, with ticket prices for federal program pilgrims reduced to Rs220,000, down from last year’s Rs234,000.
Pakistan International Airlines, Saudi Airlines and private carriers have agreed to transport pilgrims next year, according to the ministry.


Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

Updated 18 December 2024
Follow

Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

  • PCB chairman assures support for the promotion of women’s cricket in the Kingdom
  • He invites Saudi sports minister to Pakistan for ICC Champions Trophy in February

ISLAMABAD: Pakistan and Saudi Arabia have reached an agreement to establish an exchange program for players, umpires and coaches to enhance cricket ties and talent development between the two nations, the Pakistan Cricket Board (PCB) said on Wednesday.
The development was announced after PCB Chairman Mohsin Naqvi held a meeting with Saudi Deputy Minister of Sports Badr bin AbdulRehman Al-Qadi in Riyadh, during which he invited him to attend the ICC Champions Trophy and Pakistan Super League (PSL) next year.
Naqvi, who is also the interior minister, has been in the Kingdom since Sunday and has offered full cooperation for the promotion of cricket and the construction of stadiums in Saudi Arabia.
“The two leaders agreed to introduce an exchange program for players, umpires and coaches between Pakistan and Saudi Arabia to foster talent development and knowledge sharing,” the PCB said in its statement.
Naqvi also assured support for the promotion of women’s cricket in the Kingdom.
“Pakistan stands ready to provide complete support for the growth of cricket in Saudi Arabia, including the promotion of women’s cricket,” he was quoted as saying during the meeting.
“With abundant talent in Pakistan and initiatives like the Pakistan Super League (PSL), we are eager to share our expertise with Saudi Arabia to help develop cricket in the Kingdom,” he added.
The Saudi deputy minister of sports thanked the PCB chairman for the invitations to the ICC Champions Trophy and the PSL while expressing enthusiasm for working closely with Pakistan to strengthen cricket ties between the two nations.
Naqvi also met Prince Saud bin Mishal Al Saud, chairman of the Saudi Arabia Cricket Federation, earlier this week.
According to the PCB, there are about 18,000 cricket players in the Kingdom, which has also won the Asian Cricket Council Challenge Cup.