Mohammad Al-Jadaan, Foreign Minister of Saudi Arabia, said that his country is discussing “more creative ways” to provide support to Pakistan. He added that we are talking to the World Bank and others in this regard. The Foreign Minister also said that Saudi Arabia is revisiting the ways it used to provide assistance to its allies in the past. Now we no longer intend to give direct grants and unconditional deposits.

Mohammad Al-Jadaan said while speaking at the World Economic Forum, “We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms.”

He added, “We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part.”

It is also anticipated that Saudi Arabia may increase its investments from $1 Billion to $10 Billion, as reported in August 2022.

Al-Jadaan said, “We are providing even oil and derivatives to support their energy needs. So, there is a lot of efforts, but we wanted this to be conducted.”

In an interview given to the Bloomberg TV, Al-Jadaan said that his country may consider trading in other currencies other than Dollar. He said, “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal.”

Saudi Arabia is one of the largest oil exporters in the world and wants to strengthen its ties with the rest of the world to improve trade.