Saudi prince reaffirms support for cash-strapped Pak

Saudi crown prince and de facto ruler Mohammad bin Salman on Saturday assured newly-elected Prime Minister Shehbaz Sharif of full support for Pakistan which has been going through a tough economic phase.

Riyadh has supported cash-strapped Pakistan in recent years by depositing and rolling over large sums of greenbacks to shore up the country’s low foreign reserves.

Earlier, Saudi Arabia rolled over its $3 billion in deposits at the State Bank of Pakistan (SBP) for another year by the end of December 2024. PM Shehbaz received a congratulatory telephone call from the Crown Prince and Prime Minister of Saudi Arabia, according to a statement by the PM Office.

“The Crown Prince thanked the Prime Minister for his kind sentiments. He said both countries enjoyed close brotherly relations and reaffirmed Saudi Arabia’s support for Pakistan,” it said.

The prime minister said Pakistan was proud of its historic, deep-rooted and fraternal ties with Saudi Arabia and the two countries had always stood together through thick and thin. He lauded Saudi Arabia for its unwavering commitment and support to Pakistan.

The PM conveyed his wishes and prayers for well-being of the Custodian of the two mosques, King Salman bin Abdul Aziz. He said the people of Pakistan had great love and respect for him and the prince, the statement said.

“Look forward to working closely with the Crown Prince to transform the deep-rooted Pakistan-Saudi ties into a comprehensive strategic partnership,” Shehbaz Sharif posted on X.