• Hopes IMF staff-level agreement will be finalised next week
• ABAD, SPBC sign MoU to promote construction, real estate ventures

KARACHI: Finance Minister Muhammad Aurangzeb has said that the partnership between Pakistan and Saudi Arabia is entering a new phase of strategic cooperation that should now translate into deeper economic collaboration and shared prosperity.

Addressing an online interactive session hosted by the Overseas Investors Chamber of Commerce and Industry (OICCI) and the Pakistan Business Council (PBC) at the OICCI during a visit by a high-level Saudi investors’ delegation led by Prince Mansour bin Mohammad Al Saud, the finance minister said Pakistan could learn a great deal from Saudi Arabia’s Vision 2030, which is gaining global recognition.

On the staff-level agreement (SLA) with the International Monetary Fund (IMF), Mr Aurangzeb said the recent engagement with the IMF had been constructive and that the outstanding issues were not “showstoppers”. He expressed the hope that the SLA with the IMF would be finalised next week during his visit to Washington.

The minister said Pakistan’s economy had achieved macroeconomic stability and was now undergoing structural reforms in energy, taxation, and other sectors to ensure long-term sustainability. He added that three global rating agencies had acknowledged improvements in the country’s economic indicators.

Mr Aurangzeb said the government had completed a rapid assessment of recent floods, noting that rehabilitation of flood victims remained a major challenge.

He said Prime Minister Shehbaz Sharif had identified two key priorities in his economic vision — taxation reforms and digitalisation. The formal sector, he said, was burdened because the informal economy was not contributing as it should. He added that Pakistan needed to move toward a cashless economy as 40-50 per cent of its economic activity remained undocumented.

According to a press release, the dialogue between OICCI, PBC and Saudi investors focused on strengthening strategic economic cooperation and identifying new avenues for investment and trade between the two countries.

ABAD, SPBC sign MoU

The Association of Builders and Developers of Pakistan (ABAD) and the Saudi Pakistan Business Council (SPBC) on Friday signed a memorandum of understanding (MoU) to strengthen economic cooperation between Pakistan and Saudi Arabia.

Under the agreement, ABAD and SPBC have established a framework to promote bilateral relations, encourage investment opportunities, and expand trade and construction-related collaboration between the two nations.

Both organisations will encourage Saudi investment in Pakistan’s construction and real estate sectors and explore joint ventures in development projects.

Published in Dawn, October 11th, 2025