ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday departed for Saudi Arabia on a three-day official visit on the invitation of Crown Prince of the Kingdom of Saudi Arabia (KSA) Mohamed bin Salman bin Abdulaziz, ARY News reported.
The prime minister is embarking on his first foreign visit abroad after assuming the PM Office earlier this month. The premier is accompanied by a high-level delegation including key members of the federal cabinet.
“Today, I am embarking on a visit to Saudi Arabia to renew and reaffirm our bonds of brotherhood and friendship,” the prime minister said in a tweet ahead of his three-day visit to Saudi Arabia.
During the visit, the PM Shehbaz will have bilateral interaction with Saudi leadership, with particular focus on advancing economic, trade and investment ties and creation of greater opportunities for the Pakistani workforce in Saudi Arabia.
The two sides will also exchange views on a range of regional and international issues of mutual interest.
Pakistan seeks additional $3.2bn Saudi aid package
Pakistan has decided to seek an additional package of $3.2 billion from Saudi Arabia which will increase the total financial assistance package to $7.4 billion from the existing $4.2 billion in order to avert further depletion of foreign currency reserves, it emerged on Thursday.
The request will be made during Prime Minister Shehbaz Sharif’s three-day official visit to Saudi Arabia.
According to finance ministry officials, Pakistan has decided to seek a $7.4 billion financial assistance package from Saudi Arabia in the shape of cash deposits and oil on deferred payments.
“Pakistan will also make a request to the Kingdom of Saudi Arabia for rollover of the existing package of $4.2 billion for one year till June 2023,” the source within finance ministry told ARY News.
PM Shehbaz led coalition government will also request the Kingdom of Saudi Arabia to double the Saudi Oil Facility (SOF) from $1.2 billion to $2.4 billion, they added.
It is worth mentioning here that Islamabad has already asked the Fund to extend the existing Extended Fund Facility (EFF) for nine months till June 2023 coupled with increasing the size of the programme from $6 billion to $8 billion.
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