As-salamu alaykum - Pakistan briefs Saudi on PIA and airport privatization in Washington
As-salamu alaykum. A quick update: Pakistan’s Finance Minister Muhammad Aurangzeb met his Saudi counterpart Mohammed Al-Jadaan in Washington DC on the sidelines of the World Bank and IMF meetings to talk about the planned privatization of Pakistan International Airlines (PIA) and some key airports, as Islamabad tries to attract “strategic investments.”
He explained that the cash-strapped country is looking to privatize the loss-making PIA and reform other state-owned firms under the $7 billion IMF program, hoping these steps will bring long-term economic stability, Insha'Allah. They also discussed how institutions like the IFC and MIGA could help mobilize and de-risk private investment into Pakistan.
Aurangzeb asked for Saudi backing on infrastructure projects and stressed Pakistan’s wish to deepen economic ties with the Kingdom. He also met Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, to reaffirm the strategic partnership and go over priority projects such as the M-6 highway and the ML-1 railway upgrade, plus skills development and digital infrastructure work to boost logistics and public services.
Saudi Arabia remains a big pillar for Pakistan - home to over two million Pakistani expatriates and a major source of remittances. The SFD noted it has financed more than 18 development projects and programs in Pakistan worth about $1.2 billion and provided over $533 million in grants since 1976.
The two countries signed a defence pact in September and are now exploring more economic cooperation. Overall, Pakistan is pushing for transparency and efficiency to bring in strategic investors, and the talks with Saudi officials are part of that effort. May Allah make these efforts successful, Ameen.
https://www.arabnews.com/node/