Saudi foreign minister to visit Pakistan on Monday

FILE PHOTO: Saudi Arabia Foreign Minister Prince Faisal bin Farhan Al Saud attends a meeting with U.S. Secretary of State Antony Blinken, United Arab Emirates Foreign Minister Abdullah bin Zayed Al Nahyan (not pictured) and other policy makers and advisors on the sidelines of the 78th United Nations General Assembly in New York City, New York, U.S., September 19, 2023. REUTERS/Caitlin Ochs/Pool/File Photo

(Reuters) – A Saudi Arabian delegation, led by foreign minister Prince Faisal bin Farhan bin Abdullah, will visit Pakistan on Monday and Tuesday as part of efforts to boost economic cooperation, Pakistan’s foreign ministry said in a statement on Sunday.

The visit takes place to expedite follow-up on the understanding reached between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah to enhance economic cooperation between the two countries, the foreign ministry said.

Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its current account deficit and signal to the International Monetary Fund that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages.

Pakistan has lately also been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Susan Fenton and Leslie Adler)