Pakistani Finance Minister Muhammad Aurangzeb met with Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday to discuss potential joint ventures, business collaborations, and Pakistan’s economic reforms under the International Monetary Fund (IMF) program.
Pakistan and Saudi Arabia maintain strong ties in trade, defense, and culture, with over 2.7 million Pakistanis residing in the Kingdom, making it a top source of remittances. In recent years, both nations have focused on increasing bilateral trade and investment. Notably, Saudi Arabia reaffirmed its commitment in April to expedite a $5 billion investment package for Pakistan.
During the meeting, Minister Aurangzeb expressed gratitude for Saudi Arabia’s continued economic support and highlighted the renewed interest from Saudi investors in partnering with Pakistan’s private sector. He emphasized the positive outcomes of a high-level Saudi business delegation’s visit in May, aimed at expanding cooperation and exploring new investment opportunities.
Aurangzeb also spoke about Pakistan’s improving economic indicators, including currency stabilization, reduced inflation, rising remittances, and better management of the current account deficit. He underscored that structural reforms are essential to achieving long-term economic stability and growth, forming a central part of the government’s policy agenda.
Ambassador Al-Malki praised Pakistan’s efforts in implementing reforms and reiterated Saudi Arabia’s commitment to supporting the country’s economic development. He also noted the potential for future investment between the two nations, adding that a Saudi business delegation is expected to visit Pakistan soon to further explore joint ventures.
Pakistan has focused on securing external financing, including loan rollovers and foreign investment, to meet its financial needs. The government is also working on more sustainable funding sources, such as direct investments and climate financing.
In July, Pakistan and the IMF agreed on a 37-month $7 billion loan program, awaiting final approval. Last month, Pakistan secured commitments from China, Saudi Arabia, and the UAE to roll over debt for a year, easing its external financing challenges as it awaits IMF loan approval.
