Pakistan and S Arabia discuss economic reforms

[Naveed Yaseen]

ISLAMABAD: Officials of Saudi Arabia and Pakistan met on Monday and discussed issues relating to Pakistan’s economic reforms and development, pace of economic stability in Pakistan and the role of the Saudi Development Fund in support of Pakistani developmental projects.

Saudi Minister for Finance, Dr Ibrahim bin Abdul Aziz Al Assaf received at his office in Riyadh Pakistani Adviser on Finance to the Prime Minister, Shaukat Tareen, according to a message received here Monday.

Issues related to trade and economic ties between the two countries were also discussed at length. Both the sides exchanged views on existing turmoil in international capital markets and discussed ways and means for strengthening the regional economies of South Asian states with special emphasis on Muslim countries. It was held that in order to obtain the sizeable and cost-effective financing within the economic cooperation framework of Muslim countries, global investors could be interacted for attracting investment in secured economic instruments. Matters relating to provision of 0.1 million tonnes crude oil annually from Saudi Arabia were bilaterally discussed.

Tareen, during his discussions with his Saudi counterpart covered various subjects like securitisation of workers’ remittances, alleviation of poverty and enhancing volume of trade, especially the export of agricultural products to Saudi Arabia. Both the sides also discussed Kingdom’s support for supply of oil, promotion of investment and enlisting Pakistani firms in construction of mega projects in the brotherly Muslim country.

Tareen who is on a two-day official visit to the Kingdom also met the head of the Islamic Development Bank (IDB), Dr Ahmed Ali in Jeddah, as part of his economic-boosting visit to the Kingdom. Adviser to PM on Finance and Chief of IDB held a mutually beneficial discussion for closer cooperation between the banking sectors of the two brotherly countries. It was agreed that financial institutions of the Muslim countries may harmonise their efforts to build stronger economies of Muslim states in South West Asian region.

http://www.dailytimes.com.pk/default.asp...2009_pg5_6