Saudi Arabia is considering various economic projects, including oil supplies

Under the Pak-Saudi Supreme Coordination Council, it has been agreed to promote bilateral relations on various issues. Joint Statement
Saudi Arabia is considering various economic projects, including oil supplies


Islamabad – Saudi Arabia will provide oil to Pakistan on deferred payment to Riyadh on other measures including the extension of its 3 billion deposit in the State Bank of Pakistan. In a joint statement issued after a meeting between Prime Minister Shahbaz Sharif and Saudi Crown Prince Mohammed bin Salman. Has been.

The joint statement said that Pakistan also welcomed Saudi Arabia’s decision to extend the financial assistance agreement for the export of crude oil products. Extremely difficult decisions have to be made, including the abolition of oil subsidies by the previous government and the rise in oil prices.

Since the war in Ukraine, prices of energy sources, from crude oil to coal, have skyrocketed. People are protesting against their governments because of rising prices. During its visit to Saudi Arabia, Saudi Arabia pledged 4.2 billion in aid to Islamabad.

Of this 3 billion was deposited in the SBP and the remaining 1.2 billion was to be used to finance the export of crude oil products. Prior to the new negotiations on the agreement, Pakistan had refused to accept the proposals to increase oil prices. 

An IMF team will visit Pakistan on May 7 to discuss government subsidies on oil and electricity tariffs with the Shahbaz government. Delay in approval of IMF program The country’s reserves has dwindled sharply over the past two months. 

If ways to increase them are not considered, they will run out after the country’s export payments for two months, the statement said. Issues related to promoting economic and trade relations, expanding investment, and creating more opportunities for Pakistan’s manpower have come under consideration.

According to the statement, the two sides agreed to promote bilateral relations on various issues under the Pak-Saudi Supreme Coordination Council. The two countries agreed to boost trade, the joint statement said, adding that Pakistan appreciated Saudi Arabia’s full cooperation.

According to the joint statement, the two countries also agreed to cooperate in the private sector, industries, and mining sector. The private sector will be encouraged in the sectors. According to the joint statement, the two countries have decided to enhance cooperation in the field of mass media. Pakistan appreciated the environmental vision of Saudi Arabia.

The statement said that the two countries agreed to sign new agreements to tackle the challenges of climate change. According to the joint statement, the two countries also agreed to continue cooperation to eradicate terrorism and extremism. According to the Saudi joint statement, it was also agreed to increase petroleum financing and boost trade as economic assistance to Pakistan.

According to the statement, new avenues of cooperation will be explored between the two countries in the economic field. Pakistan has offered cooperation in Saudi Green and Middle East Green projects. It has been agreed to promote trade between the two countries.

According to the agreement, cooperation in the private sector, industries, and mining sector will be explored and new avenues of cooperation in the economic sector will be explored.

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