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Saudi investment is most suited for Pakistan, according to Ibrahim Al-Mubarak

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Ibrahim Al Mubarak, the deputy minister of investments for Saudi Arabia, stated on Monday that his nation thought Pakistan was the best place to invest and wanted to see it flourish economically.

Speaking at the opening ceremony of the two-day Pakistan-Saudi Arabia Investment Forum 2024 in Islamabad, he stated that Saudi entrepreneurs were open to making investments in a variety of industries and that a significant portion of Pakistanis were contributing significantly to the growth of the kingdom.

ON THE DRIVING SEAT: PRIVATE SECTOR

Muhammad Aurangzeb, the finance minister, stated in his speech that the private sector should take the “driving seat” in order to revitalise the economy.

The finance minister stated, “The ministers and bureaucracy would have to lay back,” adding that the role of the government was to establish a framework.

According to Aurangzeb, the finance ministry was always there to support traders and company owners as he pursued economic reforms as part of the government’s objective.

Using the better rupee exchange rate as an example, he claimed that successful policies were bringing about economic stability.

The minister also mentioned that the government was trying to draw in foreign investment, but he also emphasised the need for continued policies to maintain economic stability and urged collaboration between the public and private sectors to build a robust economy.

Investing in Saudi Arabia

A high-level group of 50 Saudi businesspeople and investors, together with government representatives, arrived in Pakistan earlier on Sunday to attend an event aimed at encouraging investment from the oil-rich Gulf State.

Continue reading: Saudi entrepreneurs arrive in Islamabad as Pakistan seeks foreign investment

This happened only a few days after Saudi Arabia hosted Prime Minister Shehbaz Sharif for a Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh. During his visit, he also had talks on a number of topics with Crown Prince Mohammed bin Salman.

SUMMARY CONVERSATIONS

The audience was informed by Commerce Minister Jam Kamal that every attempt would be made to facilitate international investors and have fruitful discussions between Pakistan and Saudi Arabia.

Representatives from thirty Saudi firms made the comments while in Pakistan looking for opportunities to engage in a range of industries, such as agriculture, aviation, human resources, and minerals.

Islamabad has been depending on Saudi investment to spark economic activity in the nation, which will not only boost investor confidence domestically but also aid in persuading businessmen from other countries to prioritise Pakistan, given that the country’s economy is crippled by inflation and high interest rates.

Not a shortage of proficient labourers

In his speech, Saudi Arabia’s Minister of Petroleum, Musadik Malik, emphasised the country’s recent rapid progress as well as the necessity of deepening the two countries’ already-existing bilateral relations.

He claimed that Gwadar would soon become a global transit hub and that Pakistan possessed abundant mineral riches. Malik assured the audience that Pakistan did not lack skilled labour.

It’s a narrative in progress. Details will be provided later.

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Pakistan’s gold prices are still declining; see the most recent

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6 days ago

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The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

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Pakistan and the IMF begin talks for a new loan.

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Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

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Petrol prices are likely to drop significantly beginning May 16.

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According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.

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