Islamabad: Pakistan’s Finance Minister, Senator Muhammad Aurangzeb, emphasized the country’s dedication to pursuing a locally-driven economic agenda, underpinned by extensive institutional reforms during a meeting with the Saudi Arabian Ambassador, His Excellency Nawaf Bin Said Al-Malki. The discussions underscored the strong economic ties and support from the Kingdom of Saudi Arabia, as well as mutual interests in expanding business collaborations and investment opportunities.
According to Ministry of Finance announcement issued on 11 September 2024, Senator Aurangzeb during the meeting at the Finance Division, stressed the importance of structural reforms to achieve sustainable economic growth and stability, which he described as fundamental elements of the government’s policy agenda. These reforms span critical sectors of Pakistan’s economy and are vital for its long-term economic health.
The minister expressed gratitude for Saudi Arabia’s continuous economic support and was optimistic about the increasing interest from Saudi investors in joint ventures with Pakistan’s private sector. He reminisced about his productive engagements with key Saudi financial leaders, including Finance Minister Mohammad Al-Jadaan and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, during his trip to Washington in April. He also highlighted the significant results from a high-level Saudi business delegation’s visit to Pakistan in May, which aimed at broadening bilateral cooperation and enhancing partnerships in various sectors.
Senator Aurangzeb provided an overview of Pakistan’s economic situation, noting improvements such as stabilized currency, reduced inflation, increased remittances, and effective management of the current account deficit. He pointed out that the country’s foreign exchange reserves were adequate to cover two months of imports, reflecting a positive economic trajectory.
Ambassador Al-Malki praised Pakistan’s implementation of structural and institutional reforms and reaffirmed Saudi Arabia’s strong commitment to supporting Pakistan’s economic development. He also acknowledged the vast potential for enhanced investment and business opportunities between the two nations and mentioned an upcoming visit by a Saudi business delegation to Pakistan to further explore joint venture possibilities and collaborative investment areas.