ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday urged authorities to protect Saudi Arabia, United Arab Emirates (UAE), and China's investments in the southwestern Balochistan province, crediting "friendly countries" for saving Pakistan from default.
Balochistan is Pakistan's largest province by size but is its least developed one. Since 2014 the province has become a hub for new investments from Pakistan's allies. After the administration in Beijing and authorities in Islamabad initiated the China-Pakistan Economic Corridor (CPEC) – an assortment of various energy, infrastructure, and other projects – Saudi Arabia followed suit by pledging to invest $11 billion to build an oil refinery and petrochemical complex in the Gwadar port of the province in 2019.
In 2018, the UAE and Pakistan signed a $200 million cooperation agreement for over 100 projects in Balochistan and Pakistan's northwestern Khyber Pakhtunkhwa province that would focus on education and healthcare.
"You saw the IMF mess that we were in but thank God, we came out of the default [situation]," Sharif said during a ceremony in Gwadar. "China, Saudi Arabia, UAE, and Qatar helped us."
Sharif praised Pakistan's allies, saying they had come to the South Asian country's aid without any conditions.
"Saudi Arabia, Qatar, UAE do not impose any conditions on us and always support us," Sharif said. "Hence, those who support us, it is our obligation to protect them as well."
The Pakistani prime minister said these same countries would provide Balochistan with machinery and technology.
"If someone invests in Loralai or Pishin or anywhere else in Balochistan, then why shouldn't we protect them, when it is also our obligation," Sharif asked. "If we don't protect them, no one would come to invest here."
Cash-strapped Pakistan also received $4.2 billion in funds this month, including $2 billion from Saudi Arabia, and $1 billion from the UAE after which the International Monetary Fund (IMF) agreed to unlock $1.2 billion in funds for Pakistan and approve its $3 billion standby agreement.
The funds were critical in helping the South Asian country escape a sovereign default amid an acute balance of payments crisis.
