Pakistan’s Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reiterated the nation’s dedication to a robust homegrown economic plan focused on structural reforms across key sectors.
This commitment was emphasized during a meeting with Saudi Arabia’s Ambassador to Pakistan, Nawaf Bin Said Al-Malki, at the Finance Division on Wednesday. The discussion centered on bolstering economic ties and expanding Saudi investment in Pakistan’s private sector, a press release from the ministry stated.
The government’s economic reform agenda, driven by institutional improvements, is at the heart of Pakistan’s policy to achieve long-term stability and sustainable growth. Senator Aurangzeb highlighted that these reforms are critical for transforming Pakistan’s economy into one that is resilient, competitive, and growth-oriented. He noted that the government is working towards comprehensive changes that will not only improve economic performance but also enhance the quality of life for its citizens.
A major theme of the meeting was the deep economic cooperation between Pakistan and Saudi Arabia, which continues to strengthen over time. Senator Aurangzeb expressed immense gratitude to the Kingdom for its unwavering financial support to Pakistan. Saudi Arabia has long been a vital partner for Pakistan, especially during challenging economic periods, and the minister acknowledged the renewed interest Saudi investors have shown in Pakistan’s business landscape. This partnership has the potential to foster significant growth in sectors such as energy, infrastructure, and agriculture, among others.
The Finance Minister recalled his recent discussions with key Saudi officials during his April visit to Washington, where he met with Saudi Finance Minister Mohammad Al-Jadaan and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD). The meetings were highly productive, focusing on enhancing economic cooperation, with the SFD showing particular interest in investing in Pakistan’s energy and infrastructure sectors.
Senator Aurangzeb also emphasized the importance of the high-level Saudi business delegation that visited Pakistan in May. This delegation aimed to explore investment opportunities and build upon existing cooperation. The minister noted the significant outcomes from that visit, which included increased interest from Saudi businesses in establishing joint ventures with Pakistani companies. This renewed interest could result in long-term partnerships across multiple sectors, further strengthening the economic ties between the two countries.
The Finance Minister provided an optimistic outlook for Pakistan’s economic future, citing several key indicators of improvement. These include currency stabilization, a drop in inflation, a rise in remittances, and effective management of the current account deficit. Additionally, Pakistan’s foreign exchange reserves are sufficient to cover two months of imports, reflecting a more stable economic position.
The government’s focus on macroeconomic stability is also supported by efforts to encourage foreign direct investment (FDI), with Saudi Arabia being a key partner in these endeavors. Aurangzeb mentioned that Pakistan is open to business, and efforts are underway to ensure that the environment is conducive for foreign investors to participate in the country’s economic growth.
In response, Saudi Ambassador Nawaf Bin Said Al-Malki praised Pakistan’s efforts to implement crucial institutional reforms. He reaffirmed Saudi Arabia’s commitment to supporting Pakistan’s economic development. He emphasized that the relationship between the two nations is built on mutual trust and respect, and Saudi Arabia is keen to further explore business and investment opportunities in Pakistan.
The ambassador also highlighted the potential for future collaboration, mentioning that a Saudi business delegation is expected to visit Pakistan in the coming months. This visit will focus on exploring new areas for investment, joint ventures, and collaborative business opportunities. The ambassador was confident that the two nations could achieve much together, benefiting both economies and creating jobs in various sectors.
As Pakistan navigates its economic recovery, partnerships with allies such as Saudi Arabia are more important than ever. The country’s commitment to structural reforms and its pursuit of long-term economic stability are vital in ensuring that Pakistan can achieve sustainable growth. With continued support from Saudi Arabia, Pakistan is poised to attract even more foreign investment, which will help accelerate its recovery and growth trajectory.
The meeting between Senator Aurangzeb and Ambassador Al-Malki reflects the strong relationship between Pakistan and Saudi Arabia. Both nations are committed to fostering mutual economic growth through joint ventures and collaborative initiatives. With significant investments on the horizon, this partnership is expected to contribute positively to Pakistan’s economic outlook.
