Closing bell: TASI closes in green to reach 11,696 points 

ISLAMABAD: Pakistan and Saudi Arabia have signed a Memorandum of Understanding to increase collaboration in public sector auditing through enhanced cooperation between audit institutions of both countries as well as training programs and the exchange of trainers, a spokesperson for the Auditor-General of Pakistan’s office said on Monday.

The development comes during a four-day visit to Pakistan by a delegation of Saudi Arabia’s General Court of Audit, led by GCA President Hussam bin Abdulmohsen Al-Angari, which arrived on Sunday.

The agreement was signed during AGP Muhammad Ajmal Gondal’s meeting with the Saudi delegates, aiming to strengthen audit cooperation, enhance knowledge-sharing, and improve governance, transparency and accountability in government spending.

Muhammad Raza Irfan, a public relations officer at the AGP’s office, told Arab News the agreement will not only strengthen professional relations between auditing institutions of both countries, but also further promote bilateral cooperation between Pakistan and Saudi Arabia.

“This collaboration marks a significant step toward fostering international cooperation in auditing,” AGP Gondal was quoted as saying in a statement issued from his office.

“The exchange of ideas and methodologies will undoubtedly strengthen our capacity to meet emerging challenges and set new benchmarks for public accountability.”

Discussions at Monday’s meeting focused on fostering closer ties between the Supreme Audit Institutions of Pakistan and Saudi Arabia, sharing innovative audit methodologies, and planning collaborative initiatives for the future, according to the AGP office.

The two sides agreed to share best practices in audit standards, performance audits, and citizen participatory audits, and expand expertise in thematic, environmental and impact audits.

“It also agreed to collaborate on training programs, exchange trainers, address emerging auditing challenges and plan cooperative audits, including a performance audit on the oil and gas sector in 2025,” the statement read.

Both sides reaffirmed their shared commitment to promoting transparency, accountability and excellence in public sector auditing.

Dr. Alangari praised Pakistan’s initiatives in modernizing audit practices and expressed his enthusiasm for future collaborations, according to the AGP office.

“The partnership between our two SAIs is a testament to the shared vision of accountability and transparency,” the GCA president was quoted as saying.

“We are eager to build upon this momentum and address challenges collectively, ensuring value addition to public sector auditing globally.”

The meeting underscored the importance of international collaboration to address emerging challenges and leverage innovative technologies in auditing.

“The Saudi side also announced the launch of the second phase of the Fund for Improved SAI Performance, which is scheduled for mid-February,” the statement said.

“The office of the AGP was also offered to apply for the second phase of FISP, which provides funds of up to $40,000.”

The GCA’s FISP initiative is aimed at providing funding to SAIs in developing countries to help them improve their performance and capacity in conducting audits and upholding accountability within their respective governments.

Pakistan and Saudi Arabia are close regional partners and economic allies, and both countries signed 34 agreements worth $2.8 billion in October last year. The Kingdom is home to over 2 million Pakistani expatriates, serving as the top destination for remittances for the cash-strapped South Asian country.

RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil market during a meeting held on Monday.

The 58th Joint Ministerial Monitoring Committee session, conducted via videoconference, reviewed crude oil production data for November and December 2024 and highlighted the strong overall compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation.

The committee reiterated its commitment to the DoC, which is set to extend through the end of 2026. It also commended Kazakhstan and Iraq for their improved compliance, including the additional voluntary production adjustments they made.

OPEC also welcomed the renewed pledges from overproducing countries to achieve full compliance with production targets.

These countries are expected to submit updated compensation schedules to the OPEC Secretariat by the end of February 2025, covering the overproduced volumes since January 2024.

The committee stressed its ongoing role in monitoring adherence to production adjustments. It will continue to track additional voluntary production cuts announced by participating OPEC and non-OPEC nations, in line with the decisions made during the 52nd JMMC meeting on Feb. 1, 2024.

In a procedural update, the committee announced that, effective Feb. 1, 2025, Kpler, OilX, and ESAI will replace Rystad Energy and the Energy Information Administration as secondary sources for assessing crude oil production and compliance with the DoC.

The next JMMC meeting is scheduled for April 5, 2025.