$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan

ISLAMABAD: Saudi Arabia’s recent decision to deposit $3 billion in the State Bank of Pakistan (SBP) to help bolster its foreign reserves has reaffirmed an “all-weather friendship” between the two countries, Pakistani Prime Minister told Saudi media in an interview published on Sunday.
Last week, Khan was on a three-day visit to the kingdom on the invitation of Crown Prince Mohammed bin Salman. After the visit, the Saudi Fund for Development announced it would deposit $3 billion dollars into the Pakistani central bank to support the cash-strapped South Asian’s nation’s shrinking foreign reserves.
The kingdom, which is a leading supplier of oil to Islamabad, also pledged it would additionally supply $1.2 billion worth of oil to Pakistan on credit.
Pakistan and Saudi Arabia are longtime allies. Riyadh gave Pakistan a $3 billion loan and a $3.2 billion oil credit facility in late 2018.
In an interview published on Sunday, Khan told Saudi daily Al-Riyadh the funds were a “generous gesture by the Kingdom of Saudi Arabia reaffirms the all-weather friendship between the two states.”
“Relations between the two countries have withstood the test of time,” he said. “Both countries have stood by each other, through thick and thin, regardless of change in leaderships.”
Pakistan’s economy is currently under pressure because of an increase in oil prices in the international market. Khan has repeatedly increased oil prices, drawing criticism at home.
As Khan was in Riyadh to attend the launch ceremony of the Middle East Green Initiative (MGI) Summit on Climate Change, he said it “clearly demonstrated the commitment of the Saudi leadership to take tangible steps for effectively tackling the challenge of climate change.”
During the summit, the Saudi crown prince announced two programs at a cost of $10.39 billion to combat climate change. The projects include an investment fund for carbon economy solutions in the region and a global initiative that will contribute to clean fuel solutions to feed more than 750 million people worldwide. Saudi Arabia will contribute around 15 percent of the entire cost.
“Green Saudi Initiative and Green Middle East Initiative are remarkable initiatives for preservation of nature and climate not only in Saudi Arabia, but in the entire region,” Khan told Al-Riyadh, as he reiterated Pakistan’s support in the implementation of the plan.
“Pakistan has also been working on similar projects including Clean and Green Pakistan and Billion Tree Tsunami,” he said. “We believe that our priorities and goals converge in this regard and we can therefore learn from each other and extend our mutual support to mitigate the impacts of climate change.”

$3 billion deposit reaffirms time-tested Saudi-Pakistani ties — PM Khan