ISLAMABAD: Prime Minister Shehbaz Sharif departed for Saudi Arabia on Saturday to represent Pakistan at the World Economic Forum’s (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh. Scheduled from April 28 to 29, the two-day event aims to foster international cooperation and address pressing economic and energy-related challenges.
During his visit, PM Shehbaz aims to engage in discussions with Saudi Crown Prince Muhammad Bin Salman to explore potential investment opportunities in Pakistan. Accompanied by Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb, he seeks to discuss Riyadh’s potential investments in various sectors of the Pakistani economy.
Moreover, the prime minister is expected to delve into the details of a new economic package being sought by Pakistan with the International Monetary Fund’s (IMF) Managing Director, Kristalina Georgieva. This funding, amounting to $1.1 billion, constitutes the second and final tranche of a $3 billion Stand-By Arrangement secured last summer to prevent a sovereign default.
The WEF meeting offers Islamabad a valuable platform to showcase its priorities, emphasizing global health infrastructure, sustainable growth, and regional cooperation. PM Shehbaz also plans to hold bilateral discussions with prominent global leaders, including technology magnate Bill Gates.
This diplomatic mission follows recent significant interactions between Pakistan and Saudi Arabia, focusing on potential joint ventures and investment opportunities. Notably, Pakistan has prioritized the Diamer Bhasha Dam project, seeking an equity investment of $1.2 billion. Additionally, the country aims to explore opportunities for investment in a luxury five-star hotel.
The Finance Minister expresses hope that Pakistan can successfully negotiate a staff-level agreement on a new IMF loan, marking Pakistan’s 24th bailout from the lender.
