PM Shehbaz underlines need for national dialogue
Saudi Arabia is planning to renew its $3 billion deposit in assistance to Pakistan, as the South Asian nation looks to rein in one of Asia’s highest inflation rates and stave off a current-account crisis, according to people familiar with the matter, reported Bloomberg.
The Saudi Finance Ministry plans to renew its $3 billion deposit with State Bank of Pakistan as soon as this week, the people said, asking not to be identified discussing private deliberations. The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the people added.
Pakistan’s funding gap has been covered after the kingdom’s commitment, the people said, adding that the assurance will pave the way for the International Monetary Fund’s loan approval at the end of the month. Saudi Arabia has been coordinating with the IMF to ensure that Pakistan is fully supported, one of people said.
commitment can be announced within the next two days, said one of the people. Representatives for Saudi Arabia and Pakistan’s Finance Ministry didn’t immediately respond to Bloomberg messages seeking comment.
Meanwhile PM on Sunday stressed holding a national dialogue and developing a consensus on the charter of the economy by all the stakeholders to transform Pakistan into an economic power.
Addressing a national flag-hoisting and unveiling of a re-recording ceremony of the national anthem here at the Jinnah Convention center, PM said that like their forefathers, on this 75th Independence Day, they vowed to transform Pakistan into an economic power.
“If we can become a nuclear power, we can also become an economic power but for it, we have to strive day and night and prove to the world that we are no less than anyone in the world,” the prime minister added.
The ceremony was attended by federal ministers, parliamentarians, senior military and law enforcement agencies leadership and people belonging to all walks of life.
“Pakistan Movement is a lesson for everyone which tells when a nation devised the course of its path, the mountain-like hurdles and seas like distances could not hamper them from achieving their goal,” the prime minister added.
