Paris, 22 June 2023 (TDI): Pakistan’s Prime Minister, Shahbaz Shareef, met with the Saudi Crown Prince and Prime Minister, Muhammad Bin Salman, on the sidelines of the Global Financial Pact Summit, which is held in France.
This meeting took place earlier today when both heads of state were participating in the opening ceremony of the summit. This meeting was aimed at talking about the various aspects of bilateral relations, including enhancing financial cooperation and issues of mutual interest.
Pakistan’s Prime Minister is participating in this financial moot at the invitation of the President of France. This summit is on the agenda to bring the Global North and South together by helping the most indebted countries by providing innovative solutions like encouraging private investment and fostering investment in green infrastructure. This is a two-day summit that will be attended by leaders and experts from various countries.
Pakistan’s presence at the summit can be seen as positive, as it will help Pakistan gain access to new financial resources and strengthen its economic ties with other countries.
This meeting with the Saudi Crown Prince was also a step towards further strengthening Pakistan’s economic ties with Saudi Arabia. Both countries are already working closely for the betterment of Pakistan’s economic condition.
In this regard, Saudi Arabia has also confirmed that it will deposit 2 billion USD in Pakistan’s account after Eid to help get a deal from the IMF.
This financial assistance from Saudi Arabia will not only help Pakistan avoid a potential default on its foreign debt but also provide much-needed breathing space to the country’s economy. It will enable Pakistan to carry out structural reforms, reduce its fiscal deficit, and boost its foreign exchange reserves.
Muhammad Bin Salman also conveyed his expression of goodwill for the Government and people of Pakistan, which is an indication of strong brotherly ties between both states.