Islamabad, 11th September 2024 (TDI): The Federal Minister of Finance and Revenue, Senator Muhammad Aurangzeb, reiterated Pakistan’s dedication to an indigenous economic strategy that revolves around extensive institutional reforms in several important economic areas.
His Excellency Nawaf Bin Said Al-Malki, the Kingdom of Saudi Arabia’s ambassador, paid the Minister a visit today in the Finance Division, during which the Minister made these statements.
As a cornerstone of the government’s policy program, he underlined that structural reforms are essential to guaranteeing stable and sustainable economic growth.
While noting the revived enthusiasm displayed by Saudi businessmen in pursuing joint ventures and business collaborations with Pakistan’s private sector, Senator Aurangzeb expressed his profound gratitude to the Kingdom of Saudi Arabia for its consistent economic support to Pakistan.
In April of this year, the Minister visited Washington and recounted his fruitful talks with Sultan Abdulrahman Al-Marshad, the CEO of the Saudi Fund for Development (SFD), and His Excellency Mohammad Al-Jadaan, the Finance Minister of Saudi Arabia.
He went on to highlight the important results of the high-level business delegation’s May visit to Pakistan from Saudi Arabia, which was intended to investigate investment prospects, increase bilateral collaboration, and develop partnerships in a variety of industries.
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Senator Aurangzeb described Pakistan’s promising economic trajectory during the discussion, pointing to important metrics like currency stabilization, declining inflation, a rise in remittances, careful management of the current account deficit, and foreign exchange reserves big enough to cover two months’ worth of imports.
Reiterating the Kingdom’s persistent commitment to supporting Pakistan’s economic progress, His Excellency Nawaf Bin Said Al-Malki praised the Government of Pakistan’s efforts in implementing institutional and structural reforms.
The tremendous potential for trade and investment between the two nations was also mentioned by the ambassador. In order to further investigate potential sectors for joint ventures and cooperative investments, he said that a Saudi corporate team is scheduled to visit Pakistan in the upcoming months.
