October 20, 2003	Monday	Sha'aban 23, 1424

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ISLAMABAD, Oct 19: Saudi Arabia has decided to enhance its development assistance to Pakistan from the current level of $65 million to $100 million as a token of its appreciation for Pakistan’s impressive economic performance over the last four years.

Finance Minister of Saudi Arabia Dr Ibrahim and vice-chairman and managing director of the Saudi Fund for Development, Eng Yousuf Al-Bassam on Sunday called on Finance Minister Shaukat Aziz in his office and discussed raising of Saudi Arabia’s development assistance to Pakistan and also signed a $25m assistance for Makran Coastal Highway Project.

Projects in the areas of water, health, education, and roads and highways will also be funded by Saudi Arabia.

Dr Ibrahim asked Pakistan government to submit the details of the projects in the agreed areas which require Saudi funding.

He stated that all the international financial institutions were highly impressed by Pakistan‘s recent economic performance, which was also reassuring for Saudi Arabia.

He also stated that the private sector of Saudi Arabia was taking keen interest in Pakistan and would be investing in this country because of the considerably improved investment climate here.

Earlier, while welcoming the Saudi delegation, Shaukat Aziz briefed them about the progress Pakistan has made on the economic front over the last four years.

Mr Aziz also explained to his counterpart the future agenda of government‘s economic reforms and policies. He stated that job creation, raising investment level, taking the economy to a higher growth path and further reducing country‘s debt burden are some of the issues which have taken the centre-stage of government‘s economic policies.