Newly-appointed Pakistani Prime Minister (PM) Shehbaz Sharif wrapped up his first international trip to Saudi Arabia, during which Saudi Arabia announced a decision to extend an agreement to finance exports of crude oil products and oil derivatives.
On reaching Lahore after his visits to Saudi Arabia & UAE, PM Shehbaz Sharif presided over a meeting on administrative affairs of Pakistan Kidney & Liver Institute. He directed for preparation of a plan for financial autonomy & providing free medical facility to 50% poor patients pic.twitter.com/VMWuLZYzRm
— Prime Minister's Office (@PakPMO) May 2, 2022
Pakistan-Saudi Arabia Relations Coverage:
- Pakistan PM Sharif Visits Saudi Arabia on First Foreign Trip in Bid to Revive Ties
- Saudi Arabia Asks Pakistan To Repay $1bn Loan, Cuts Oil Supply Over Kashmir Issue at OIC
- Imran Khan Attempts to Downplay Tiff with Saudi Arabia
- Saudi Arabia Launches Note with Map Excluding Gilgit-Baltistan and Kashmir from Pakistan
- Saudi Arabia, Pakistan Vow to Address Instability, Humanitarian Crisis in Afghanistan
According to a press release by Pakistan’s Ministry of Foreign Affairs, Riyadh also “affirmed its continuous support to Pakistan and its economy, including the discussion of augmenting the three billion dollars deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people.”
Saudi Arabia deposited $3 billion in the State Bank of Pakistan and deferred a $1.2 billion payment for oil back in February. Given that its foreign reserves have dipped below $11 billion, Pakistan responded by saying that it “greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan.”
The text of the Joint Statement issued at the conclusion of PM Shehbaz Sharif's 3-day visit to the Kingdom of Saudi Arabia. pic.twitter.com/GN80HMMG7i
— Prime Minister's Office (@PakPMO) May 1, 2022
Moreover, Sharif also discussed the Kashmir issue with India with Crown Prince Mohammed bin Salman bin Abdulaziz. “The two sides stressed the importance of dialogue between Pakistan and India in order to resolve the issues between the two countries, especially the Jammu and Kashmir dispute, to ensure peace and stability in the region,” their joint statement read. The Kashmir issue has long been a bone of contention between the two nuclear-powered neighbours.
In fact, Under the previous government, bilateral ties took a turn for the worse after the Kingdom denied Pakistan’s appeal to convene an OIC Council of Foreign Ministers meeting to discuss the Jammu & Kashmir issue. Saudi Arabia is India’s fourth-largest partner in trade, so taking a strong stand against New Delhi is firmly against its economic interests. Consequently, in August 2020, Saudi Arabia briefly halted its oil supply to Pakistan and also ended a loan deal.
The Joint Statement issued at the conclusion of my three-day visit to Saudi Arabia ushers in a new era of close cooperation & engagement on bilateral, regional & global issues between our two brotherly countries. Pakistan deeply values the Kingdom's continued support to Pakistan.
— Shehbaz Sharif (@CMShehbaz) May 1, 2022
Sharif also discussed other issues of mutual interest, such as the latest developments in Afghanistan and “the need to achieve security and stability, and to prevent the use of Afghan land as a shelter for terrorist groups.” In this regard, the two sides agreed on “the importance of following up and implementing the outcomes of the extraordinary meeting of the Council of Foreign Ministers (CFNM) of the Organisation of Islamic Countries (OIC) on Afghanistan, aimed at supporting stability and providing humanitarian support to the Afghan people.”
They also expressed their shared views on Yemen, Syria, and Palestine. On the topic of Yemen, they welcomed the decision of exiled President Abdurabbuh Mansour Hadi to step down and transfer his powers to the Presidential Leadership Council. Next, they reaffirmed their support for the Palestinian cause and said the dispute resolution must guarantee an independent state that adheres to the 1967 borders with East Jerusalem as Palestine’s capital.
It was great meeting with Crown Prince Mohammed bin Salman. We reaffirmed our commitment to taking Pakistan-Saudi ties to a new & higher level. I admired his visionary leadership & thanked him for according us a warm welcome & for always standing with Pakistan. We also discussed>
— Shehbaz Sharif (@CMShehbaz) April 30, 2022
The two sides further agreed “to continue exchanging support and coordination in international organisations and forums and stressed the importance of all countries’ commitment to the United Nations Charter and the principles of international law, adherence to the principles of good neighbourliness, respect for the unity and sovereignty of states, non-interference in internal affairs, and striving to resolve disputes by peaceful means.” Moreover, they also agreed to “deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries.” Further, Islamabad and Riyadh agreed to join efforts to develop the investment environment in the two countries.
Following his three-day visit to Saudi Arabia, Sharif on Monday flew to the United Arab Emirates, where he met with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.