Shehbaz, MBS hold second meeting in a month, agree to boost ties

RIYADH: Highlighting the problems being faced by cash-strapped Pakistan, Prime Minister Shehbaz Sharif on Monday termed debt trap as ‘deathtrap’ and said it posed a huge challenge to Pakistan besides soaring inflation. Separately, he called on Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman (MBS).

Addressing the closing session of a special meeting of the World Economic Forum (WEF) in Riyadh, Saudi Arabia, Shehbaz said: “There is also a problem of inflation and debt trap, I call ‘deathtrap’, all this together pose a huge challenge to Pakistan.” Lauding the leadership of the kingdom, he thanked the Saudi government for its support to Pakistan.

The prime minister landed in Riyadh on Saturday for a three-day visit to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy. He was invited to attend the moot by Saudi Crown Prince and Prime Minister Mohammed bin Salman and chief executive of the WEF Klaus Schwab.

Talking about his government’s efforts to steer the country out of crises, the country’s chief executive said: “Pakistan is going for massive reforms to deal with economic challenges. We have taken the reins of the country after the February 8 elections and I am now determined to put things in order. It’s easier said than done.”

He said the country’s electricity sector was in a shamble as power theft was in a massive fashion. Moreover, the “elitest culture” is prevailing in the country wherein handouts are being given to those who don’t deserve it. “We have to stand on our own feet. I know this is difficult but not impossible. We are now going for a deep-rooted structural reform. Then we have to go for austerity, a meaningful austerity, but not just for publicity,” he added.

Moving on to climate change, the premier said that global warming brought disaster in Pakistan in 2022 in the form of catastrophic floods. Due to the catastrophic floods in Pakistan, large swathes of land were submerged, millions of houses and animals were washed away and stagnant water brought waterborne diseases all across the country.

PM Shehbaz said his government spent Rs100 billion from scarce resources for relief and rehabilitation of the flood-affected people. Pakistan’s economy suffered losses of $30 billion because of the floods and then it approached international entities in Geneva and other places and had to borrow loans at expensive rates due to the natural disaster which was not its fault.

Referring to sky-rocketing inflation, he said: “Due to the war in Ukraine, prices of goods have increased globally.” Stressing the need for an immediate ceasefire in Gaza, he said that world peace is linked with normalcy in the besieged enclave.

Meanwhile, the prime minister met Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman (MBS) in which both the leaders expressed satisfaction on the progress made between the two countries following decisions taken in their meeting in Makkah earlier this month. Both the leaders resolved to further enhance cooperation between the two brotherly nations. Shehbaz thanked MBS for sending a Saudi delegation headed by kingdom’s foreign minister for investment in Pakistan and further visits by Saudi investors to Pakistan.

He also expressed gratitude to the crown prince for lavishly hosting him during his stay in the kingdom, and for the comprehensive plan the Saudi ministers devised for investment in Pakistan. Both the leaders also talked about the situation in Gaza. The prime minister invited MBS to visit Pakistan.

Meanwhile, in a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi on the sidelines of the WEF meeting, the prime minister said that the economic ties between Pakistan and Saudi Arabia had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade. The Saudi minister told the prime minister that on the directives of Saudi crown prince, the kingdom was prioritising trade and investment in Pakistan. A delegation of Saudi businessmen, traders and investors would soon visit Pakistan, he added. The minister said that targets were being set to take the bilateral ties to a new height within one or one-and-a-half years.

Meanwhile, Prime Minister Shehbaz and his Malaysian counterpart Anwar Ibrahim recalled the historical ties between Pakistan and Malaysia, especially in the fields of education, science & technology and trade, and undertook to further enhance the cooperation in future. The prime minister invited a trade and business delegation from Malaysia to Pakistan to discuss trade and investment relations between the two countries. The two sides also agreed to have the next meeting of Joint Ministerial Commission in Islamabad soon.

Meanwhile, Prime Minister Shehbaz Sharif also met founder and co-chair of the Bill & Melinda Gates Foundation Bill Gates wherein he called for a sustained efforts by all the partners to reach the ultimate goal of a polio-free Pakistan. Bill Gates recalled the immunisation and polio vaccine programme in the Punjab province under the leadership of Shehbaz Sharif as chief minister and emphasized replicating the same practice across the country to make the programme a success. Prime Minister Shehbaz and Bill Gates also discussed progress on ongoing activities between Pakistan and the Foundation in the areas of immunisation, nutrition, and financial inclusion.