Pak-Saudi reset

Pakistan and Saudi Arabia have reiterated their resolve to graduate their relations to new heights, and agreed to work collectively on issues of regional and international concerns. Prime Minister Shehbaz Sharif, who was on a whirlpool visit to the Kingdom, to iron out the upcoming itinerary of Crown Prince and Prime Minister Mohammad bin Salman’s visit to Pakistan, took the opportunity to seek renewed investment in Pakistan, and assured that the country is striving to pull out of degeneration through forward-looking policies. Riyadh had been of great support in cushioning Pakistan’s economy in times of crisis. It has recently rolled over its $3 billion cash tranche for another year. Besides, the assistance in the wake of monsoon destruction is highly valued, and the PM made it a point to thank Royal leadership for their sustained generosity.

The visit will make way for Prince Salman’s visit to Islamabad next month, wherein he is scheduled to open new investment opportunities. Saudi Arabia has already signed MoUs and other protocols for over $20 billion investment in refinery and other power sector avenues, and the leadership will take a review of it, accordingly. Shehbaz also addressed the ‘Future Investment Initiative’ conference and underlined the importance of clean energy resources, as well as other multifaceted aspects that can be tapped bilater- ally. The Middle Eastern state is home to Pakistan’s biggest diaspora, and expatriates are the backbone of the economy who funnel in more than a billion dollars per month.

Shehbaz’s two-day sojourn has come at a time when Pakistan is passing through a critical phase of instability and economic hardship. The PM is scheduled to fly into China in the next couple of days, and it seems the visits are part of grand initiatives to pull the economy out of slumber, and kick-start a new phase of development. The rapidly evolving power equation in the region, especially in the backdrop of the Saudi-US tension, has poised a new fulcrum and Pakistan’s tilt is of immense importance on either side. This is where Islamabad’s proactive diplomacy counts, and is a tangible factor in realpolitik.