Prime Minister Shehbaz Sharif met Prime Minister and Crown Prince of Saudi Arabia Muhammad bin Salman on Thursday, on the sidelines of the Summit for a New Global Financial Pact being held in Paris.
“The two leaders discussed issues of mutual interest and agreed to further enhance bilateral cooperation between the two countries,” read a statement released by the Prime Minister’s Office (PMO).
Prince Muhammad bin Salman expressed goodwill towards the government and people of Pakistan, it added.
The development comes as authorities in Islamabad scramble to secure dollar inflows, looking towards traditional allies to alleviate concerns over Pakistan’s economic situation.
Saudi Arabia has been a key ally of Pakistan, pledging $2 billion back in April.
Earlier this week PM Shehbaz lauded Islamabad’s allies for their support in times of economic distress.
“Other than China, we have our great friends like Saudi Arabia, UAE and Qatar, who have been helping and supporting Pakistan,” PM Shehbaz had said on Tuesday.
The PM’s meeting with the Saudi crown prince comes just hours after he met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
During the meetup, PM Shehbaz “expressed hope that the funds allocated under the IMF’s Extended Fund Facility would be released as soon as possible,” according to a statement by the PMO.
Pakistan is facing its worst economic crisis in decades, with foreign exchange reserves dwindling, barely enough to cover one month of imports, and fears of default looming.
Paris summit
In the run-up to his departure to France, PM Shehbaz had said that he will “present Pakistan’s position on the need for restructuring of international financial institutions” at the summit.
In a tweet, the PM said the “globalisation of problems” has made it necessary to come up with “creative approaches to rethink the global financial system to make it representative and equitable.”
In a statement on Tuesday, the Foreign Office said Pakistan will contribute to the debate at the summit ‘‘as a leading stakeholder in the global discourse, a leader in G-77 and China and one of the largest developing countries most affected by climate change’’.
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