Saudi Gazette report

JEDDAH — Saudi Arabia and Pakistan will discuss the possibility of supporting the Kingdom's $3 billion deposit in Pakistan's central bank by extending its term or through other options, a joint statement between the two countries said on Sunday.

According to the joint statement, Pakistan welcomed Saudi Arabia’s decision to extend an agreement to finance exports of crude oil products and oil derivatives.

The statement came after a visit by new Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.

Last year, Saudi Arabia deposited $3 billion in Pakistan's central bank to help support its foreign reserves.

The Kingdom affirmed its continuous support to Pakistan and its economy "including the discussion of augmenting the $3 billion deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people".

“Pakistan greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan,” the statement said.

The joint statement also said Saudi Arabia and Pakistan affirmed their stance to consolidate security and stability, renounce extremism, terrorism and support the unity and independence of the countries of the region and their territorial integrity.

The two sides also agreed to give priority to political solutions that bring prosperity and progress to the region and its people.

During the visit, the two sides exchanged views on issues of mutual concern at the regional and international levels, and agreed on the importance to continue coordinating their positions in a way that serves their interests,

The two sides agreed to continue exchanging support and coordination in international organizations and forums and stressed the importance of all countries’ commitment to the United Nations Charter and the principles of international law, adherence to the principles of good neighborliness, respect for the unity and sovereignty of states, non-interference in internal affairs, and striving to resolve disputes by peaceful means.

Saudi Arabia welcomed the statements of Pakistan mentioning its keenness to find a solution to all disputes with India, including the Jammu and Kashmir dispute.

The two sides stressed the importance of dialogue between Pakistan and India in order to resolve the issues between the two countries, especially the Jammu and Kashmir dispute, to ensure peace and stability in the region.

During an official meeting between the Crown Prince and the Pakistani prime minister, they reviewed the historical relations between the two countries and the close cooperation in various fields, as well as discussed ways to strengthen relations in all areas, the statement said.

In the bilateral context, the two sides stressed the importance of strengthening work through the Saudi-Pakistani Supreme Coordination Council, diversifying trade exchange between the two brotherly countries and intensifying communication between the private sector in the two countries in order to discuss trade and investment opportunities and turn them into tangible partnerships.

The two sides also agreed to deepen the investment cooperation between the two countries, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries.

They also agreed to join efforts to develop the investment environment in the two countries and support a number of investment sectors of common interest.