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• PM, SFD chief witness signing of agreements; Saudi official proposes partnership for training programmes
• Shehbaz showers praise on soldiers for fighting terrorism, says there is no room for politics on national issues
ISLAMABAD / QUETTA: Pakistan and Saudi Arabia on Monday signed two $1.61 billion agreements — one pertaining to oil import on deferred payment for one year and the other to a water scheme.
Prime Minister Shehbaz Sharif and Saudi Fund for Development’s CEO Sultan Abdulrahman Al-Marshad witnessed the signing of the agreements at a ceremony in Islamabad. The agreements, they noted, will further strengthen economic cooperation between the two sides.
The deferred payment for oil import will be worth $1.20bn for one year while the concessional loan deal for the construction of a gravity-flow water scheme at Mansehra will amount to $41 million.
Economic Affairs Division Secretary Dr Kazim Niaz and CEO Al-Marshad signed the agreements on behalf of their governments. The ceremony was also attended by Deputy PM and Foreign Minister Ishaq Dar, federal ministers, Saudi Arabia’s Ambassador to Pakistan Nawaf bin Said Al-Malki and officers concerned.
The prime minister welcomed the signing of the Oil Import Financing Facility and hoped it will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.
Under the other accord, the SFD will provide $41m for the Gravity Flow Water Supply Scheme at Mansehra, Khyber Pakhtunkhwa, which is expected to enhance access to clean drinking water for 150,000 people and will be sufficient to meet the demand till 2040.
Earlier, Finance Minister Muhammad Aurangzeb held a meeting with SFD CEO Al-Marshad, who called on him to discuss various aspects of Pakistan-Saudi economic relations.
Senator Aurangzeb shared updates on Pakistan’s macroeconomic stability, highlighting improvements in key economic indicators.
The finance minister expressed his gratitude for the longstanding partnership between Pakistan and Saudi Arabia, emphasising the importance of the latter’s continued support in funding and investment, which has significantly contributed to Pakistan’s economic growth.
The CEO lauded the progress Pakistan has made in terms of macroeconomic stability and growth, which has opened up numerous multi-purpose investment opportunities across various sectors.
He acknowledged Pakistanis’ contributions to the development of Saudi Arabia, recognising them as the largest foreign workforce in the kingdom.
He expressed Saudi Arabia’s need for a skilled workforce to meet the demands of its growing market. To address this, he proposed a partnership with relevant government ministries and departments in Pakistan to offer training programmes for young Pakistanis in modern and relevant skill sets to meet the labour market’s demands in Saudi Arabia.
PM in Quetta
In Quetta, Prime Minister Shehbaz emphasised the need for national cohesion to confront the growing threat of terrorism in the country.
The remarks came two days after 24 security personnel belonging to Balochistan embraced martyrdom in separate attacks.
PM Shehbaz called for efforts to make the country prosperous and stable, adding that there was no room for political division or politics on national issues.
Addressing a meeting held to review the law and order situation in the province, the premier noted that the country was facing challenging times and urged politicians to show unity for the national cause.
Expressing grief over the Kalat attack, in which 18 young soldiers lost their lives on Saturday, he acknowledged that a new wave of terrorism had emerged in the country and brave soldiers were offering their blood to eliminate it.
He held out the assurance that under the leadership of army chief and the chief minister of Balochistan, the officers and soldiers would continue to work to make the country, especially Balochistan and Khyber Pakhtunkhwa, peaceful, which is essential for the country’s development and prosperity.
The prime minister remarked that he had found the morale of the jawans and officers of law enforcement agencies very high and that they were fully committed to protecting the country from enemies. He paid tribute to martyrs and their families and expressed complete solidarity with them.
The PM visited the CMH and enquired after the injured soldiers.
PM Shehbaz said terrorists were enemies of peace and development as they did not want the people of Balochistan to be prosperous, educated and employed.
He highlighted that through the Youth Programme and the Laptop Scheme, students from Balochistan were being empowered.
He added that a special quota had been allocated for them in China for advanced agricultural training. Despite terrorism, the journey of prosperity in Balochistan would continue, he added.
The premier also mentioned the rapid progress on the China-Pakistan Economic Corridor with the completion of the Gwadar Airport which had already started handling the flights operation.
“Gwadar port is expected to play a vital role in connecting Pakistan with Central Asia, Southeast Asia, and the rest of the world,” he said.
Published in Dawn, February 4th, 2025
