Islamabad: Prime Minister Shehbaz Sharif said bilateral relations and economic partnership between Pakistan and Saudi Arabia are getting stronger and deeper.

In a statement issued on the conclusion of his visit to Saudi Arabia, he said a business delegation from the Kingdom will soon visit Pakistan. He said the visit of Saudi business leaders will further expedite economic partnership between the two countries.

The Prime Minister expressed the resolve to work hard to materialize the understanding reached at the leadership level. Shehbaz Sharif said the economic partnership between Pakistan and Saudi Arabia has started new era of bilateral relations between the brotherly relations of the two countries.

Terming his three-day visit to Saudi Arabia as historic, Shehbaz Sharif said exchange of two high-level delegations took place in last two months.

On the sidelines of the World Economic Forum in Riyadh, the Prime Minister also held meetings with world leaders to promote mutual cooperation in multilateral sectors as well as trade and investment.

Regarding the situation in Palestine, the Prime Minister categorically stated that peace in the world will remain elusive till tranquility is established in Gaza.

He also thanked Crown Prince Mohammad Bin Salman for his warm hospitality and love for Pakistan. He appreciated the Crown Prince for issuing special instructions to Saudi Ministers regarding Pakistan.

Shehbaz Sharif acknowledged Saudi Ministers' efforts in ensuring implementation of the understanding reached between both the countries at the leadership level.

Karachi: The State Bank of Pakistan (SBP) on Tuesday confirmed the receipt of $ 828 million (approximately $1.1 billion) from the International Monetary Fund (IMF).

The transaction comes on the heels of the IMF's approval of the final tranche for Pakistan under the $3 billion Stand-By Arrangement (SBA).

According to a statement, the central bank stated that this amount would be added to the SBP's foreign exchange reserves for the week ending May 3, 2024.

Earlier, IMF approved 1.1 billion dollars final tranche for Pakistan under the Stand-By Arrangement.

The IMF's Executive Board has allowed for immediate disbursement of the final tranche, bringing total disbursements under the arrangement to about three billion dollars.

Pakistan and the IMF had reached Staff Level Agreement on second and final review for remaining 1.1 billion dollars under the Stand-By Arrangement on 20th of last month.

In a statement, the IMF said Pakistan’s determined policy efforts under the 2023 Stand-By Arrangement have brought progress in restoring economic stability.

It said moderate growth has returned, external pressures have eased and inflation has begun to decline.

Prime Minister Shehbaz Sharif has expressed satisfaction over the release of the last financial tranche by International Monetary Fund for Pakistan.

The PM said this installment worth one point one billion dollars will bring more economic stability to Pakistan.

The Prime Minister said the agreement with IMF proved crucial in preventing Pakistan from default during the sixteen months of his tenure in the last government.

He said the tough decisions taken for economic security of Pakistan are yielding positive results now in the form of economic stability. 

Shehbaz Sharif said the government is doing its best to improve the economy and bring development to the country.                                          

He said taking loan is not a success, our success will be when we clear it.                                 

The Prime Minister expressed the hope that the country will rid of debt cycle and enter a prosperous era if we continue to work in the right direction.

He thanked the IMF for supporting Pakistan in difficult times.

Islamabad: The federal government on Tuesday announced a significant reduction in the price of petrol, cutting it by Rs5.45 per litre for the upcoming fortnight.

Prime Minister Shehbaz Sharif gave the green light to this adjustment in fuel prices.

As per a notification issued by the finance ministry, the new price of petrol will stand at Rs288.49 per litre from May 1, reflecting the reduction of Rs5.45.

Furthermore, the diesel prices were decreased by Rs8.42 per litre while light-speed diesel (LSD) would see a reduction of Rs5.63 per litre.

Additionally, kerosene oil prices have been slashed by Rs8.74 per litre.