Pak-Saudi relations: FinMin briefs Saudi counterpart on ongoing PIA, key airports' privatisation | The Express Tribune
Key Takeaways
- Pakistan's Finance Minister met his Saudi counterpart in Washington D.C. to strengthen bilateral economic ties.
- Pakistan briefed Saudi Arabia on the privatization process of PIA and major airports to attract investment.
- Pakistan reiterated its commitment to pursuing economic reforms under the IMF program.
- Both ministers agreed that IFC and MIGA are crucial for de-risking and mobilizing private sector investment in Pakistan.
- Recent developments include a Saudi acquisition of a majority stake in KES Power Ltd and Punjab offering industrial estates to foreign investors.
During the IMF-World Bank annual Meetings in Washington D.C., Pakistan's Finance Minister Muhammad Aurangzeb met with Saudi Finance Minister Mohammed Aljadaan to reaffirm Pakistan's commitment to fostering a deeper economic partnership. Aurangzeb briefed Aljadaan on the ongoing privatization of Pakistan International Airlines (PIA) and key airports, while also seeking Saudi support for infrastructure development projects. The discussions occurred as Pakistan nears the release of the next IMF loan tranche following an agreement on budget targets. Furthermore, Aurangzeb highlighted significant investment opportunities across various sectors to the CEO of the US International Development Finance Corporation (DFC). This high-level engagement follows a recent MoU where a Saudi Prince acquired a majority stake in KES Power Ltd, boosting Saudi-Pakistan investment relations. Separately, Punjab Chief Minister Maryam Nawaz Sharif approved a new industrial estate in Sialkot and offered several existing estates for foreign, potentially Saudi, investment.
