Ahsan Iqbal wishes for ‘CPEC-style’ economic relations with Saudi Arabia

KARACHI: Hailing the “long-standing and brotherly relationship” between Saudi Arabia and Pakistan, Planning Minister Ahsan Iqbal expressed hope the countries could forge a CPEC-style relationship, according to a Dawn.com report.

“We want to establish CPEC-style economic cooperation with Saudi Arabia,” the minister said, adding that China and Saudi Arabia had been offered joint investment under CPEC.

He made these remarks while addressing overseas Pakistanis at an event at the Pakistani Consulate in Jeddah.

While commenting on the economic situation of Pakistan, the minister tried to alleviate concerns over default, saying that rumours related to default risks were “Pakistan Tehreek-i-Insaf’s (PTI) propaganda”.

His remarks came after former premier and PTI Chairman Imran Khan and his party members raised alarms about the economic situation and alleged that the government is not able to control it.

“The news about Pakistan’s default risk is based on a malicious campaign initiated by the PTI which has no reality,” he said, adding that the PTI destroyed the country’s economy which led to an economic crisis.

“The [PML-N led] government has improved the economy by following the agreement with the IMF and for the last six months Pakistan has adopted a path of stability.”

He said the incumbent government also managed to successfully remove Pakistan from the Financial Action Task Force’s grey list.

This is the third time in the past week that a government minister has tried to dispel the impression of a default risk.

On Friday, Minister of State for Finance and Revenue Aisha Ghaus Pasha assured that the country was not facing any danger of going to default.

“Alhamdulillah (Thank God), there is no such possibility. Yes, we were worried when we took over the government [in April] because at that time the IMF programme was suspended and the avenues of getting external finances were closed for us,” Ms Pasha had said in her remarks in the National Assembly.

Following this, Finance Minister Ishaq Dar came out on Saturday with another assurance and said that Pakistan will meet its upcoming $1 billion bonds payment and there was no fuel shortage in the country.

“We have never defaulted before. We will not even be close to a default,” the minister said in his brief address on the state-run PTV.

Mr Dar stressed that the $1bn payment for Sukuk, or Islamic bonds, scheduled to mature on Dec 5 would be made on time, without any delay, and insisted that arrangements had been completed in principle for the upcoming payments.

Regarding the current account deficit, Mr Dar said it was under a strict watch and being monitored and managed for the sake of national interest.

Meanwhile, commenting on the voting rights for overseas Pakistanis, Mr Iqbal said the government supported their right to vote but wanted to ensure a system that doesn’t compromise the sanctity and security of the electoral process.

“There is no secure internet-based voting system in the world yet. However, various proposals are under consideration, including the proposal to give representation to overseas Pakistanis through specific seats in the parliament,” Mr Iqbal said.

He also lauded the role of the oversea Pakistanis in the socio-economic development of the country.

“Overseas [Pakistanis] based in Saudi Arabia are a strategic partner of Pakistan and their efforts are commendable which helps Pakistan to promote their narrative,” the minister said.

The minister also announced the government will soon introduce a life insurance scheme for overseas Pakistanis to support their families in case of accidental death.