Pressmediaofindia
Related Articles
06-04-2024
Bureau Report
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif will meet the Saudi crown prince during a two-day visit to Riyadh that starts on Saturday, the foreign ministry said.
The visit will be Sharif’s first foreign trip since forming a coalition government in February. The two are longtime allies, with the South Asian nation often turning to Riyadh for financial help during its balance of payment crises.
Since it averted a sovereign debt default last summer by securing a $3-billion IMF bailout, Pakistan has been in dire need of financial support from the multilateral lender and friendly countries.
Sharif will discuss issues of mutual interest during the meeting with Crown Prince Mohammad bin Salman bin Abdulaziz, the ministry said in a statement on Friday.
In addition to financial support, Pakistan has lately been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.
Islamabad says Saudi Arabia has shown interest in acquiring government stakes in Pakistan’s Reko Diq gold and copper mine, which could be a major deal for the $350-billion economy.
In November 2023, Saudi Arabia has shown interest in acquiring government stakes in Pakistan’s Reko Diq gold and copper mine, a Pakistani official said on Tuesday, in what would be a major deal for the crisis-ridden $350 billion South Asian economy.
Barrick Gold Corp (ABX.TO), opens new tab, which owns a 50% stake in the mine, considers the mine one of the world’s largest underdeveloped copper-gold areas.
Pakistan narrowly averted sovereign default earlier this year after a last-gasp $3 billion bailout from the International Monetary Fund, but the deal rests on bringing in foreign direct investment to shore up critically low foreign exchange reserves.
Islamabad has appointed an international adviser to do an valuation of its stake in the mine and expects this to be completed before Dec. 25, after which talks will begin with Riyadh, Jahanzeb Khan, the prime minister’s adviser special investments, told journalists.
Alongside Barrick Gold the remaining 50% of the mine is held by the governments of Pakistan and the province of Balochistan.
Khan did not identify the adviser but media outlet Arab News reported that United Arab Emirates-based consulting firm RB&A Partners has been hired. The firm declined comment in an emailed response to a Reuters query.
Pakistan has previously said Barrick would invest $10 billion in the project. Barrick in August said it was open to bringing in Saudi Arabia as one of its partners in the mine.
The Saudi Arabian government did not immediately respond to a request for comment.
Khan said Saudi Arabia and other traditional Middle Eastern allies could potentially line up around $70 billion in investments in various sectors.
Khan said that Pakistan was keen on having Saudi Arabia on board, but stressed that Islamabad was “not in a rush” and did not want to have “distress sales” for any of its assets and would protect its national interests.
