PM Shehbaz Sharif's Riyadh Visit Strengthens Pakistan-Saudi Economic Ties

Prime Minister Shehbaz Sharif is set to embark on a significant two-day visit to Riyadh to meet with the Saudi crown prince, marking his first foreign trip since assuming office in February. The longstanding alliance between the two nations has often seen Pakistan seek financial assistance from Saudi Arabia during times of economic turmoil, particularly in managing balance of payment crises.

Following Pakistan's successful negotiation of a $3-billion IMF bailout last year to avoid a sovereign debt default, the country has been actively seeking further financial backing from international institutions and friendly nations. During the upcoming meeting, PM Shehbaz and Crown Prince Mohammad bin Salman bin Abdulaziz will engage in discussions on various mutual interests, including potential Saudi investments in sectors such as agriculture, mining, minerals, and aviation.

Of particular interest is Saudi Arabia's potential involvement in acquiring government shares in Pakistan's Reko Diq gold and copper mine, a move that could have significant implications for Pakistan's economy, valued at $350 billion. Currently, Barrick Gold Corp holds a 50% stake in the mine, which is recognized as one of the largest untapped copper-gold reserves globally.

In conclusion, Prime Minister Shehbaz Sharif's upcoming visit to Riyadh underscores the strategic partnership between Pakistan and Saudi Arabia, with a focus on economic cooperation and potential investments that could further bolster Pakistan's financial stability and economic growth.