Saudi Arabia, Pakistan Sign Financing Agreements on Oil Derivatives, Water Supply 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Arabia, Pakistan Sign Financing Agreements on Oil Derivatives, Water Supply 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

Saudi Fund for Development (SFD) Chief Executive Sultan Al-Marshad and Pakistani Secretary for Ministry of Economic Affairs Dr. Kazim Niaz signed in Islamabad a US$1.2 billion financing agreement for the import of oil derivatives.

Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki witnessed the signing of the agreement.

The funding is part of Saudi Arabia's ongoing support to Pakistan through the SFD, which has totaled around US$6.7 billion for oil derivatives since 2019.

The Kingdom's support is aimed at boosting Pakistan’s economy, addressing its economic challenges, and bolstering vital sectors, reported the Saudi Press Agency on Monday.

Additionally, both parties signed a development soft loan agreement worth US$41 million to finance a project that will supply drinking water to the Pakistani city of Mansehra.

The initiative will involve supplying about 400 kilometers of pipes for water networks, benefiting over 150,000 people. It also includes the establishment of a water treatment plant with a capacity of about 21,000 cubic meters per day, helping in reducing waterborne diseases and epidemics in Pakistan.

The two agreements reflect the SFD's commitment to addressing challenges in various countries and underscore the importance of international cooperation and solidarity for achieving sustainable development in beneficiary nations.

During the signing ceremony, the Pakistani prime minister and the SFD chief discussed ways to bolster cooperation between their countries, focusing on financing vital sectors across Pakistan.



G7 Foreign Ministers Commend US-Ukraine Meeting in Saudi Arabia

Saudi Flag / File/Reuters
Saudi Flag / File/Reuters
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G7 Foreign Ministers Commend US-Ukraine Meeting in Saudi Arabia

Saudi Flag / File/Reuters
Saudi Flag / File/Reuters

The G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States as well as the High Representative of the European Union commended the ongoing efforts to achieve a ceasefire in Ukraine, and in particular the meeting on March 11 between the US and Ukraine in Saudi Arabia.
In a statement released after their meeting in Charlevoix, Quebec, they commended Ukraine for its commitment to an immediate ceasefire, SPA reported.

They emphasized that this is an essential step toward achieving a comprehensive, just, and lasting peace in accordance with the Charter of the United Nations. They called on Russia to reciprocate by agreeing to a ceasefire on equal terms.

The statement affirmed their support for the resumption of unhindered humanitarian aid into Gaza and for a permanent ceasefire, emphasizing the imperative for the Palestinian people to have a political horizon reached through a negotiated solution to the conflict with Israel, in a manner that meets their legitimate needs and aspirations and promotes comprehensive peace, stability, and prosperity in the Middle East.
The G7 members also expressed deep concern about the escalation of tensions and hostilities in the West Bank, calling for de-escalation and affirming readiness to engage with Arab countries on their proposals for charting a way forward on the future, reconstructing Gaza, and achieving peace.