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Pakistan & Gulf Economist
Home»Economy»Government Initiative
Economy

Government Initiative

By S. Kamal Hayder KazmiDecember 27, 2021Updated:January 3, 2022No Comments3 Mins Read
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Saudi Foreign Minister meets Pakistani PM Imran Khan

Sources recorded that the years 2020 and 2021 are especially marked by the outbreak and evolvement of the COVID-19 pandemic. This was in the first place a humanitarian crisis. According to the Corona Virus Resource Centre of the Johns Hopkins University by the end of May 2021 nearly 167.5 million people have been infected and nearly 3.5 million corona-related deaths were registered globally.

Worldwide Government took measures to protect peoples’ lives, involving complete or partial lockdowns of economic activities and restrictions on movements. But these necessary measures also brought economic pains. Measured by GDP growth, the world economic growth went into a severe recession, which manifested itself in almost all countries, among which are Pakistan’s main export destinations. Experts recorded that world economy was estimated to have contracted with 3.3 percent in 2020. The contraction was very pronounced in the Euro Area and the UK, two of Pakistan’s main export areas. The contraction in the US was slightly above the world average, whereas growth in Middle East and Central Asia also significantly declined while China witnessed a growth recession as well. These recessions resulted in a decline of the volume of world trade with 8.5 percent.

For boosting the economic growth of Pakistan, present government has been trying to take various initiatives and meeting with foreigners. Sources recorded that Saudi Foreign Minister Prince Faisal bin Farhan met Pakistani Prime Minister Imran Khan in Islamabad. The meeting was held on the sidelines of an extraordinary session of the Council of Foreign Ministers of the Organization of Islamic Cooperation on the humanitarian situation in Afghanistan. Saudi Arabia and Pakistan called on the international community to support Afghanistan in combating terrorism and extremism, and the Afghan economy from collapse, which may affect the region and the world. During the meeting, Prince Faisal conveyed greetings from King Salman and Crown Prince Mohammed bin Salman to the prime minister and the Pakistani government and people. Sources also recorded that the two sides reviewed the results of the extraordinary OIC session, which was called for by Saudi Arabia in its capacity as the head of the organization’s current summit. The two sides also discussed aspects of joint coordination to support security and stability in Afghanistan and to offer humanitarian and relief assistance to the Afghan people through the OIC and international organizations. They also discussed aspects of the historical and well-organized relations between the two states and ways of strengthening them in all fields, in addition to intensifying bilateral coordination on issues of common interest, the foreign ministry said. Imran Khan praised the Kingdom for its initiative to convene the extraordinary session and said he believed the world would not repeat the mistake of disengaging with Afghanistan. He underscored the special importance of the Pakistan-Saudi Arabia relationship, which is based on close fraternal ties, historic links, and support at the gross-roots level, his office said in a statement. It is also said that Prince Faisal held talks with his Pakistani counterpart Shah Mahmood Qureshi and Indonesian counterpart Retno Marsudi on the sidelines of the OIC meeting. He also held talks with OIC Secretary-General Hissein Taha and President of the Islamic Development Bank Dr. Mohammed Al-Jasser.

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S. Kamal Hayder Kazmi

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