PM Imran decides to take parliament in confidence over KSA visit
Khan bemoaned Pakistans financial situation in his first formal address as prime minister in August
ISLAMABAD (Dunya News) – Prime Minister Imran Khan on Saturday decided to take the parliament in confidence over his recent visit to Saudi Arabia.
The prime minister will give all the details regarding his recent during National Assembly session.
On the other hand, PM Imran will arrive in Lahore tomorrow where he would be briefed about government’s 100-days plan.
On September 19, Saudi King Salman hosted PM Imran Khan on his maiden foreign visit since coming to power. During the visit, Khan also met Crown Prince Mohammed bin Salman and energy minister Khalid al-Falih.
While in Saudi Arabia, Khan traveled to Madina and visited the Prophet s Mosque. He then flew to Jiddah, Saudi Arabia s port city on the Red Sea, where he met with Saudi King Salman at a luncheon at Peace Palace.
KSA invited to become strategic partner in CPEC
On September 20, Federal Minister for Information and Broadcasting Fawad Chaudhry said that a high level Saudi delegation comprising Ministers of Finance and Energy and business heads will visit Pakistan in first week of next month to explore investment opportunities.
Addressing a news conference after returning to Pakistan from Saudi Arabia, he said the delegation will hold talks with finance and business leaders to lay foundation of a new economic partnership between Pakistan and Saudi Arabia.
The minister said a high-level consultative committee set up between Pakistan and Saudi Arabia will usher in a new era of bilateral strategic partnership in diverse fields.
He said Saudi Arabia is the only country that has been invited by us to become a strategic partner in China Pakistan Economic Corridor. “Saudi participation in this mega project will ensure huge investment in Pakistan through this platform,” he added.
US$10bn economic package
During his visit to Saudi Arabia, it has been decided mutually that Saudi Arabia will build an oil city in Gawadar and the project will be part of China-Pakistan Economic Corridor (CPEC) project.
The 80,000-acres mega oil city at Gwadar will be used to transport oil from the Gulf region to China through the Gwadar Port. This will reduce the distance to just seven days from Gwadar to the Chinese border instead of the current forty days.
Saudi Arabia has shown a keen interest in CPEC primarily to relate its economy with China and take steps in achieving its Vision 2030, which aims to diversify the economy with energy mega projects to reduce oil dependency.
Pakistan’s financial situation
Khan bemoaned Pakistan’s financial situation in his first formal address as prime minister in August, saying that “never in Pakistan’s history have we faced such difficult economic circumstances”. The country’s fiscal deficit ballooned to 6.6 per cent of gross domestic product in the financial year to 30 June.
He announced a series of austerity measures and raised taxes for middle and higher earners, but warned he would “have to take more debt to repay our obligations” to international lenders.
