Pakistan, Saudi Arabia to discuss augmenting kingdom's $3bn deposit

ISLAMABAD – Islamabad, and Riyadh will discuss the possibility of augmenting the kingdom's $3 billion deposit in the State Bank of Pakistan by extending its term or through other options, a joint statement said on Sunday.

The official statement came following Prime Minister Shehbaz Sharif’s visit to Saudi Arabia, where he performed Umrah and called on Crown Prince Mohammed bin Salman.

Saudi Arabia deposited $3 billion in the State Bank of Pakistan (SBP) last year to help support its foreign reserves. Meanwhile, Pakistani officials hailed the Kingdom’s decision to extend an agreement to finance exports of crude oil products and oil derivatives.

The text of the Joint Statement issued at the conclusion of PM Shehbaz Sharif's 3-day visit to the Kingdom of Saudi Arabia. pic.twitter.com/GN80HMMG7i

— Prime Minister's Office (@PakPMO) May 1, 2022

Both Islamic countries also agreed to strengthen cooperation in investment, industrial and mining sectors.

Re-kindling partnerships and enabling investment integration opportunities between private sectors were discussed while the two sides also stressed the importance of strengthening work through the Saudi-Pakistani Supreme Coordination Council, for diversifying trade.

Media cooperation, exploring opportunities to develop cooperation in the fields of radio, television, and news agencies, and exchanging experiences in order to develop the joint media work were also discussed, per reports.

Kingdom also welcomed the statements of Pakistan mentioning keenness to find a solution to all disputes with India, including the Kashmir dispute. It also stressed the importance of dialogue between nuclear-armed nations to resolve the issues to ensure peace and stability in the region.

Pakistan and Saudi also discussed the latest developments in war-torn Afghanistan and agreed on the need to achieve security and stability, and to prevent the use of Afghan lands as a shelter for terrorist groups.