Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington

Pakistan’s Finance Minister Muhammad Aurangzeb (fifth from left) meets his Saudi counterpart, Mohammed Al-Jadaan (fourth from right) on the sidelines of World Bank-IMF Annual Meetings in the United States on October 23, 2024. (@Financegovpk/X)

• Saudi minister shares kingdom’s energy sector reform experience with Muhammad Aurangzeb
• The officials from both countries agreed to advance cooperation in areas of mutual interest

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday discussed trade and investment with his Saudi counterpart, Mohammed Aljadaan, during a meeting in the United States, according to an official statement.
The Pakistani minister is currently in Washington, DC, attending the annual meetings of the World Bank and the International Monetary Fund (IMF), where other global finance leaders have also gathered.
Last month, the IMF approved a fresh $7 billion bailout package for Pakistan after recognizing the government’s efforts to implement stringent economic reforms, saying they had contributed to gradual financial stability.
Saudi Arabia, along with other friendly nations such as China and the United Arab Emirates, played a key role in helping Pakistan secure the new IMF loan, which the Islamabad administration deemed essential for further macroeconomic stability.
“Finance Minister, Mr. Muhammad Aurangzeb, met with his Saudi counterpart, H.E. Mohammed Aljadaan, on the sidelines of the World Bank-IMF Annual Meetings in Washington DC,” the Finance Division announced. “Appreciating the historical, fraternal bonds between Pakistan and the Kingdom of Saudi Arabia, the two Ministers resolved to further deepen mutually beneficial economic ties, enhance bilateral trade, and facilitate investments in key sectors.”
“The Saudi Minister also shared his experience of reforms in the energy sector,” the statement continued. “Both sides agreed to advance cooperation in areas of mutual interest.”
Pakistan has actively sought to attract foreign investment while aiming to boost trade with its allies.
In 2023, the government established the Special Investment Facilitation Council (SIFC), a civil-military hybrid body designed to streamline and facilitate foreign business operations, particularly targeting investment from Gulf states.
Alongside these efforts, Pakistan has expressed interest in exporting a larger pool of human resources to the region, enhancing its workforce contribution to the Gulf economies.
Additionally, the country is keen on developing partnerships across various economic sectors, including infrastructure, energy, mining and agriculture, to promote sustainable growth and economic cooperation with its allies.