Riyadh (TDI): Prime Minister Shehbaz Sharif on Tuesday rejected the notion that loans could drive economic recovery, urging instead for greater global cooperation to help climate-affected nations like Pakistan rebuild sustainably.
Speaking at a high-level roundtable during the 9th Future Investment Initiative (FII) Conference 2025 in Riyadh, the prime minister said that repeated borrowing erodes a country’s economic foundation and stifles long-term development.
“If humanity wants to move forward, it must move together, sharing both its bounties and its grievances,” PM Shehbaz said. “Modern technologies should be shared with countries that can use them to boost production in agriculture, industry, and employment.”
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His remarks came a day after Pakistan and Saudi Arabia launched a new Economic Cooperation Framework, designed to promote joint growth based on shared interests rather than financial dependency.
According to the Foreign Office, the framework was finalized during PM’s meeting with Saudi Crown Prince Mohammed bin Salman on Monday. It will focus on strategic and high-impact projects in energy, industry, mining, IT, tourism, agriculture, and food security. The two sides are also exploring agreements on electricity interconnection and energy collaboration.
“This framework strengthens the fraternal ties between our two nations and reflects a shared vision for a sustainable partnership that serves both our peoples,” the FO statement said.
Information Minister Attaullah Tarar hailed the announcement as a “historic milestone” in Pakistan–Saudi relations, calling it a “high point” in bilateral cooperation across trade, energy, and investment.
During his remarks at the FII forum, PM Shehbaz highlighted Pakistan’s natural wealth and reform efforts, acknowledging that the country had made “honest mistakes” in the past but had learned from them.
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“The important thing is to learn from your mistakes, and that’s what we’re doing,” he said, citing major reforms like the digitisation of the Federal Board of Revenue (FBR) to curb corruption and improve efficiency.
PM Shehbaz underscored Pakistan’s vulnerability to climate change, noting that the country contributes less than one percent of global carbon emissions yet faces repeated climate disasters such as the 2022 and 2025 floods.
“This endless cycle of rebuilding after each catastrophe is unacceptable,” he said. “Humanity must act collectively to ensure a sustainable and fair future for all.”
The prime minister also touched on Pakistan’s growing embrace of technology and artificial intelligence, urging the global north and south to work together toward a more equitable distribution of resources and an egalitarian global economy.
