Pakistan and Saudi Arabia have reaffirmed commitment to strengthening the bilateral economic cooperation, and partnership in different sectors, including trade, investment, and economy, Radio Pakistan reported.

The resolve was expressed during a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, on the sidelines of the eighth edition of the Future Investment Initiative (FII) conference in Riyadh on Tuesday.

PM Shehbaz expressed his best wishes for the custodian of the two holy mosques, King Salman bin Abdulaziz, and prayed for his health and well-being.

He thanked Crown Prince Mohammed bin Salman for Saudi Arabia’s support for Pakistan in matters related to international financial institutions. The prime minister also expressed gratitude for the hospitality extended to him and his delegation.

While highlighting the significance of the FII conference, PM Shehbaz commended the crown prince’s visionary leadership and noted that Saudi Vision 2030 aligns with Pakistan’s key policy objectives.

PM Shehbaz referenced the recent visit of a high-level Saudi delegation.

Earlier this month, the two states signed 27 memorandums of understanding worth $2.2 billion in various sectors as the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.

The MoUs cover a range of sectors including industry, agriculture, information technology, food, education, mining, health, petroleum, and energy, reflecting a commitment to mutual cooperation.

In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan.

Both leaders also expressed concern over the ongoing Israeli aggression in the region, which has resulted in widespread destruction.

The national broadcaster reported that the meeting reflected the “longstanding and strengthening religious and cultural ties” between Pakistan and Saudi Arabia.

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In August, it was reported that Pakis­tan had requested Saudi Arabia to increase its lending by about $1.5 billion from its existing $5bn portfolio to help bridge the external financing gap needed for the IMF’s 37-month bailout package.

All three friendly bilateral partners — Saudi Arabia, China and the UAE — had confirmed to the IMF their $12bn loan rollovers to Pakistan.