Khan’s original sit-in in 2014 caused the inception of CPEC to be delayed after the Chinese President’s visit had to be rescheduled. This time, dates announced for his planned sit-in clash with the MBS visit, said to be linked to the revival of CPEC.
By Muhammad Ali and Naveed Naqvi
ISLAMABAD: With Saudi Arabia’s Crown Prince Muhammad bin Salman expected to visit Pakistan on November 21, there are reports that former Prime Minister Imran Khan is planning to descend on the federal capital “on or after the 20th” to hold a sit in. But The Beenish Saleem Show is reporting that Khan has been firmly informed that he will not be allowed to stage the potentially disruptive event at this crucial hour.
Khan was memorably camped out in front of Parliament House in 2014 when Chinese President Xi Jinping was due to visit Islamabad to ink a crucial deal for the inception of the game-changing China-Pakistan Economic Corridor (CPEC). The visit was eventually postponed and the deal inked at a later date.
Coincidentally. the Saudi royal’s upcoming visit is connected to a trilateral effort involving Pakistan, China, and Saudi Arabia to kickstart work on CPEC after the multibillion-dollar project was put on in the deepfreeze on the watch of Prime Minister Khan, before he was ousted from power this April in a constitutionally mandated parliamentary vote of no-confidence.
Prince Muhammad, who held a meeting with Prime Minister Shehbaz Sharif at Sharm El-Sheikh the other day, is likely to announce investment projects in and financial assistance to Pakistan running into billions of dollar, including the construction of a USD 12 billion petrochemical complex at Gwadar.
Unconfirmed reports say MBS is also expected to offer Gen Qamar Javed Bajwa, Pakistan’s outgoing army chief, the position of the Commander-In-Chief of the Islamic Military Counter Terrorism Coalition (IMCTC), after his retirement from Pakistan Army.
An inter-governmental alliance of 41 Muslim countries, the IMCTC is currently headed by Gen Raheel Sharif, a former Pakistani army chief. It is not known when his term in office ends. It is not known when his term is set to expire.
But leaving all else aside, the economic help due to be unveiled during the royal’s visit will be substantial. The Kingdom is expected to augment the existing financial assistance package for Pakistan from USD 4.2 billion to USD 8.4 billion by doubling the assistance for struggling economy of Pakistan.
Saudi Arabia has already provided Pakistan USD 4.2 billion in assistance including hard currency deposits to the tune of USD 3 billion with the State Bank of Pakistan and a USD 1.2 billion oil facility on deferred payment. Over the first four months of the current fiscal year, the KSA disbursed USD 400 million towards the oil facility.
During his visit to Saudi Arabia in May and again in November 2022, Prime Minister Shehbaz Sharif requested the Saudi authorities to jack up financial assistance from USD 4.2 billion to USD 8.4 billion in line with the IMF agreement.
Both hard currency deposits and energy supplies against deferred payment are handy for Pakistan, struggling dwindling forex reserves. The term loans count towards the financial assistance Pakistan needs to raise from “other sources” as part of its compact with the International Monetary Fund (IMF) for the resumption of a multibillion-dollar Extended Fund Facility (EFF).
In total, Pakistan has to line up external financing to the tune of USD 32 billion to USD 34 billion.
Pakistani authorities have also requested the KSA to allow utilization of a certain portion of the deposits towards the flood-hit country’s budgetary needs over the current fiscal year.
The construction of petrochemical complex at Gwadar, estimated to cost USD 11 billion to USD 12 billion, will be a key project on which both side will sign a formal agreement during the upcoming visit of MBS.
Reports from Sharm El-Sheikh say Prime Minister Shehbaz Sharif’s Tuesday held a meeting with the Crown Prince, who is also the Prime Minister of Saudi Arabia, on the sidelines of the COP27 summit. The two sides expressed determination to further strengthen the multilateral partnership between the two brotherly countries
The two leaders reviewed the bilateral relations with a view to further enhancing the ongoing cooperation in various fields. They also discussed regional and global issues of mutual interest. Prime Minister Sharif reiterated that Pakistan attaches great importance to its ties with Saudi Arabia, which are deeply rooted in common faith, culture, values and an eternal tradition of mutual support.
The PM also appreciated the hospitality and cooperation of Saudi Arabia for the two million Pakistanis working in the kingdom, who contribute to the development, prosperity and prosperity of the two brotherly countries.
Referring to their recent meeting in Riyadh, the Prime Minister and the Crown Prince expressed satisfaction at the growing high-level ties.
The two leaders expressed their determination to further strengthen the multilateral partnership between the two countries. Looking forward to the upcoming visit of the Crown Prince to Pakistan, the Prime Minister said that he was confident that this visit would promote bilateral cooperation in all areas of mutual interest.
PM Sharif particularly emphasised the importance of increasing trade, investment, development, and people-to-people ties between Pakistan and Saudi Arabia in the mutual interest of the people of the two brotherly countries.
While appreciating Saudi Arabia’s assistance to Pakistan’s flood-affected people, the Prime Minister said that Pakistan was one of the countries most affected by the climate disaster. He expressed hope that COP-27 would yield concrete results, especially in developing countries with regard to the financing of waste and damage caused by environmental causes.
A co-chair of COP27, Sharif also appreciated the efforts of the Crown Prince on the functioning of the integrated environmental initiative under and assured the Saudi leadership of full support from Pakistan.
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