Prime Minister Shehbaz Sharif has departed for Saudi Arabia today (Saturday) to participate in the World Economic Forum’s (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh.
Scheduled for April 28 to 29, the two-day visit aims to bolster ties between Pakistan and Saudi Arabia, particularly in terms of investment opportunities. Prime Minister Shehbaz Sharif is expected to engage in discussions with Saudi Crown Prince Muhammad Bin Salman regarding Riyadh’s potential investments in Pakistan, as well as to finalize details for the Crown Prince’s upcoming visit to Islamabad.
Accompanied by Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb, the Prime Minister will also convene with International Monetary Fund (IMF) Managing Director Kristalina Georgieva to explore prospects for a new economic package for Pakistan.
In an official statement, the Foreign Office outlined the agenda for the visit, highlighting discussions on trade and investment measures, new investment frameworks, supply chain restructuring, sustainable growth, and the energy landscape.
Moreover, Prime Minister Shehbaz Sharif is slated to hold bilateral meetings with various world leaders and heads of international organizations on the sidelines of the forum. Notably, the forum will provide a platform for Pakistan to emphasize its priorities, including global health architecture, inclusive growth, regional collaboration, and sustainable development.
The World Economic Forum’s two-day event will convene over 700 global leaders to engage in a comprehensive dialogue on leveraging global cooperation for economic development, promoting sustainable energy transitions, and advancing technological innovation. Among the attendees, Prime Minister Shehbaz Sharif is expected to interact with technology mogul and Microsoft founder Bill Gates.
This visit follows recent diplomatic engagements between Pakistan and Saudi Arabia, including a high-level delegation led by Saudi Foreign Minister Prince Faisal bin Farhan. During these interactions, Pakistan presented various investment projects totaling over $32 billion, including infrastructure development and energy initiatives.
The timing of Prime Minister Shehbaz Sharif’s meeting with IMF’s Georgieva is crucial, as it precedes the IMF’s April 29 meeting to discuss the approval of $1.1 billion in funding for Pakistan. This funding constitutes the final tranche of a $3 billion Stand-By Arrangement secured by Pakistan last summer to prevent a sovereign default. Pakistan aims to negotiate a new long-term and larger IMF loan, marking its 24th bailout from the lender.
Finance Minister Muhammad Aurangzeb expressed optimism about securing a staff-level agreement on the new IMF programme by early July, signaling Pakistan’s commitment to addressing its economic challenges through international cooperation and strategic partnerships.
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