2024-04-12 23:07:38
Riyadh: Saudi Arabia and Pakistan have made a big agreement. An agreement has been signed to increase Saudi deposits in State Bank of Pakistan (SBP) to $2 billion. That means now it has been increased from $3 billion to $5 billion. Mohammed Alkhatani, CEO of Saudi Arabia Holding Company, shared a social media post saying that after PM Shehbaz Sharif’s visit to Saudi Arabia and his meeting with Crown Prince Mohammed bin Salman, both the countries agreed to expand the mega plan to $5 billion. Pakistani PM Shahbaz had come to seek financial help from Saudi. This agreement was signed between Shahbaz and MBS in Mecca on Monday. At the end of the meeting, a joint statement was issued simultaneously from Islamabad and Riyadh. According to this, both the leaders discussed the role of Saudi in Pakistan’s economy and enhancing trade and investment relations. It said both sides reaffirmed their commitment to accelerate the first wave of the $5 billion investment package that was discussed earlier.
Saudi is making big investments
Alkhatani said the agreements include investments in new oil refineries and copper mines. He further said that these steps are part of a broader agreement reached earlier, where Saudi was negotiating to invest $21 billion in Pakistan. He said this included setting up an oil refinery at a cost of $14 billion and a copper mine at a cost of $7 billion. Last year, Saudi had promised to invest $25 billion in Pakistan over the next five years under the Special Investment Facility Council.
Saudi came with India on Kashmir
Saudi has reiterated India’s statement on Kashmir issue. Shahbaz said in a joint statement during the same visit that both the countries should resolve their issues bilaterally. “Both sides stressed the importance of dialogue between India and Pakistan to ensure peace and stability in the region,” the statement said. For a long time, India’s position on Kashmir has been that it is a bilateral matter between the two countries. There is no question of any third party arbitration.