Prime Minister Muhammad Shehbaz Sharif late Sunday held a telephonic conversation with Saudi Crown Prince Mohammed bin Salman. The two leaders reviewed the historical relations between Pakistan and Saudi Arabia. They also discussed opportunities for more cooperation between the two countries and ways to enhance them in various fields. According to a Bloomberg report, Saudi Arabia is planning to renew its $3 billion deposit in assistance to Pakistan, as the country looks to rein in one of Asia’s highest inflation rates and stave off a current-account crisis. The Saudi Finance Ministry plans to renew its $3 billion deposit with State Bank of Pakistan as soon as this week, the people said, asking not to be identified discussing private deliberations.

The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the people added. Pakistan’s funding gap has been covered after the kingdom’s commitment, the people said, adding that the assurance will pave the way for the International Monetary Fund’s loan approval at the end of the month. Saudi Arabia has been coordinating with the IMF to ensure that Pakistan is fully supported, one of the people said. The commitment can be announced within the next two days, said one of the people. Earlier in the day, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulation to President Dr. Arif Alvi of the Islamic Republic of Pakistan, on the anniversary of his country s Independence Day.

Custodian of the Two Holy Mosques expressed his best felicitations and wished the president constant good health and happiness and the government and friendly people of the Islamic Republic of Pakistan steady progress and prosperity. Crown Prince Mohammed Bin Salman, deputy prime minister and minister of defense, too sent a cable of congratulation to President Dr. Arif Alvi of the Islamic Republic of Pakistan, on the anniversary of his country s Independence Day. In his cable, the Crown Prince expressed his best felicitations and wished the President constant good health and happiness and the government and friendly people of the Islamic Republic of Pakistan steady progress and prosperity.

Credit:
Independent News Pakistan-INP