Saudi envoy, Dar agree to boost trade, economic ties

ISLAMABAD: The newly appointed Ambassador of Saudi Arabia Abdulah Marzouk Al-Zahrani paid a courtesy call on Finance Minister Senator Mohammad Ishaq Dar here on Saturday.
The finance minister, while welcoming the Saudi Envoy, felicitated him on assuming his responsibilities and assured him of full support in undertaking his diplomatic obligations.
The Saudi ambassador stated that he would endeavour to further reinforce the historic and brotherly relations between the two countries. He stated that there were vast potential for improvement of bilateral economic relations. He said he was keenly looking at investment opportunities for Saudi investors and would encourage them to take advantage of such opportunities in various sectors.
Dar and the Saudi ambassador on this occasion shared their deep feelings of grief and sorrow on the Mina tragedy and said it was a sad incident for the whole Muslim world.
Dar appreciated the envoy’s interest in promoting business opportunities for the two countries and added that there was good scope for investment by Saudi companies, especially in the oil and gas sector in Pakistan.
Meanwhile, Finance Minister Senator Ishaq Dar chaired a meeting to review the public debt related matters.
The DG Debt Policy Coordination Office briefed the minister on the overall debt portfolio of the country, its composition, cost and maturity.
The minister was informed that maturity profile of the domestic debt had improved over the last two years along with a reduction in cost. It was noted that in the recent years, external debt had reduced as a percentage of the total public debt and was at a reasonable level. The maturity profile of external debt was also fairly long.
Most of the external loans contracted and disbursed during the past two years were on confessional terms.
The minister was also informed that the cost and risks indicators of public debt portfolio had improved. He emphasised the importance of prudent debt management. He stated that the country had achieved historic levels of foreign exchange reserves, and it was important now to consolidate the gains.
He directed the Debt Policy Office to keep a close watch on the impact of variations in the debt portfolio and suggest measures for further improving the overall cost and maturity levels.
Dar said the movement of various international currencies also provided opportunities for debt managers who could benefit from them. He said the Ministry of Finance should continuously strive for more efficient and cost effective debt management, which was extremely important for every country.
The minister appreciated the efforts of debt management team and gave directions for further in-depth analysis on different aspects of debt portfolio.