The flags of Pakistan and Saudi Arabia. Picture used for illustrative purposes only.
Last year, Saudi Arabia deposited $3 billion in Pakistan's central bank to help support its foreign reserves. With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, the South Asian nation is in dire need of external finances.
Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives, SPA reported.
The statement came after a visit by Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed Bin Salman.
Prince Salman said, “The Kingdom is one of the largest and most important economies in the world, and we strive hard to work to double the size and diversity of the economy. To continue achieving this, we consider in the government the non-oil GDP as the main indicator of the success of our economic plans. "
The group, to be known as the Digital Cooperation Organization, also includes Bahrain, Jordan and Kuwait, the statement said.
PM met crown prince in Jeddah and held wide-ranging talks on bilateral, regional and international issues. Imran invited Mohammed Bin Salman to visit Pakistan and shared that the goodwill generated by his last visit is still fresh in the minds of people. “He has accepted the invitation.”
Global stock markets mainly dropped on Friday, with investors focused firmly on the outlook for interest rate hikes as central banks battle to bring down sky-high inflation.
A new trade exhibition will debut in Riyadh this September to unlock opportunities in Saudi Arabia’s US$300 billion infrastructure projects plan.
The real estate market in Dubai is robust thanks to the economic recovery in the UAE. The economic growth would continue considering the leadership’s