SEP 30, 2018 (BE2C2 Report): A high-level Saudi delegation arrived in Islamabad Sunday to sign five important Memorandums of Understandings (MoUs) with the federal government.
The development comes days after Ahmad Agil al Khateeb (Chairman Saudi Fund for Development), an adviser to Crown Prince Mohammad Bin Salman, visited the capital on September 27, raising the prospects of Pakistan not only avoiding a bailout package from the IMF but instead possibly getting a multibillion-dollar package from Saudi Arabia.
Information Minister Fawad Chaudhry said the Saudi delegation includes petroleum minister, finance and energy ministers of the kingdom.
During its six-day visit to Pakistan, the Saudi delegation will sign a MoU to make investment in the Balochistan’s multi-billion dollar Reko Diq gold and copper mines project.
According to sources quoted by local media, the delegation is also likely to discuss the prospect of setting up oil refineries in Gwadar’s upcoming Oil City.
Saudi officials are also expected to sign an agreement to sell petroleum products to Pakistan on deferred payments.
Also, agreements to privatize two Liquefied Natural Gas (LNG) power plants and sale of phosphate-containing fertilizers to Pakistan are aexpected to be signed by the delegation.
Earlier this week, Mr. Chaudhry said the agreements with Saudi Arabia will be transparent and huge investment will be made.
Pakistan and Saudi Arabia also signed three grant agreements to bring major investment in the country after the former invited the kingdom to become the third strategic partner in the US$62 billion China-Pakistan Economic Corridor (CPEC), Fawad said.
The kingdom’s Crown Prince Muhammad Bin Sultan and PM Imran Khan want to implement an ambitious socio-economic reform. The ‘political chemistry’ between the two leaders augurs well for a sustainable state-to-state strategic partnership, wrote one analyst.
Pakistan in March 2014 received $1.5billion from Saudi Arabia as friendly gift and ‘unconditional grant’ during the PML-N led government.