Why did Prime Minister Shahbaz Sharif choose Saudi Arabia for his first foreign visit?
Why did Prime Minister Shahbaz Sharif choose Saudi Arabia for his first foreign visit?
In Pakistan’s recent political history, any politician who has won the election and assumed the post of Prime Minister has chosen Saudi Arabia for his first foreign visit. In 2013, Nawaz Sharif was elected Prime Minister of Pakistan for the third time, and almost two years after taking office, he chose Saudi Arabia for his first foreign visit.
Imran Khan, who won the 2018 general elections and became the Prime Minister after him, also did something similar: He went to Saudi Arabia in September of the same year. The 2024 general elections in Pakistan established a coalition government, which is headed by Prime Minister Shahbaz Sharif.
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Prime Minister Shahbaz Sharif has also decided to make his first foreign visit to Saudi Arabia after assuming the post, following in the footsteps of past Prime Ministers. According to the Foreign Office of Pakistan, Prime Minister Shahbaz Sharif is leaving for Saudi Arabia on Saturday on a two-day visit with federal ministers. He is also expected to meet the Saudi Crown Prince and Prime Minister Prince Muhammad bin Salman.
Foreign Minister Ishaq Dar, Defense Minister Khawaja Asif, Finance Minister Muhammad Aurangzeb, Economic Affairs Minister Ahad Cheema, and Information Minister Attaullah Tarar will also attend this visit. The Pakistani Prime Minister is visiting Saudi Arabia with his delegation when his country is facing an economic crisis. The International Monetary Fund (IMF) has expressed its willingness to discuss the new program in the coming months at the request of Pakistan.
After Shahbaz Sharif was sworn in as prime minister last month, the poor economy challenged his government. He said deep surgery will be required to address the country’s financial issues. The biggest challenge for our nation is inflation. Pakistan and the International Monetary Fund (IMF) signed a three-billion dollar standby agreement in June last year. Pakistan will receive the previous installment of $1.1 billion this month.
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The Pakistani government has signaled that it will need another IMF loan program to lift the country from its economic doldrums. Saudi Arabia has also helped Pakistan from time to time. It should be noted that in November 2021, to support Pakistan’s dwindling foreign exchange reserves, Saudi Arabia deposited three billion dollars in the account of the Central Bank of Pakistan for one year. Later, the Saudi government Extended this amount many times, and now this amount will be deposited in Pakistani bank accounts until December 2024.
The authorities have yet to share the agenda of Prime Minister Shehbaz Sharif’s visit to Saudi Arabia. Still, the meeting between the Pakistani delegation and Crown Prince Mohammed bin Salman is believed to focus on investment and economic issues. Conversations will come.
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