PM to meet Saudi crown prince in Riyadh
ISLAMABAD: Prime Minister Shahbaz Sharif will meet the Saudi crown prince during a twoday visit to Riyadh that starts on Saturday, the foreign ministry said.
The visit will be Shahbaz’s first foreign trip since forming a coalition government in February.
The two are longtime allies, with the South Asian nation oten turning to Riyadh for financial help during its balance of payment crises.
Since it averted a sovereign debt default last summer by securing a $3-billion IMF bailout, Pakistan has been in dire need of financial support from the multilateral lender and friendly countries.
Shahbaz will discuss issues of mutual interest during the meeting with Crown Prince Mohammad Bin Salman Bin Abdulaziz, the ministry said in a statement on Friday.
In addition to financial support, Pakistan has lately been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.
Islamabad says Saudi Arabia has shown interest in acquiring government stakes in Pakistan’s Reko Diq gold and copper mine, which could be a major deal for the $350-billion economy.
Barrick Gold Corp owns a half share in the mine, which is considered one of the world’s largest underdeveloped copper-gold areas.
A delegation of Barrick Gold during a recent meeting with Shahbaz provided an update on the project and stated that the feasibility study will be finished by the end of 2024.
Accompanying the prime minister will be Finance Minister Muhammad Aurangzeb, along with senior officials from the finance ministry.
The finance minister is expected to provide a comprehensive briefing on investment incentives and opportunities, it has been learnt.
Members of the investment commitee will also visit Saudi Arabia
In a statement, Foreign Office Spokesperson Mumtaz Zahra Baloch said Pakistan and Saudi Arabia have longstanding fraternal relations rooted in religious and cultural affinity.
She said the people of Pakistan have the deepest respect and regard for the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz Al Saud.
The spokesperson said the leadership of both countries is commited to advancing the fraternal ties and mutually rewarding economic and investment relations.