JEDDAH: Minister of Planning, Development and Special initiatives Ahsan Iqbal on Sunday said that Pakistan has made a joint investment offer to China and Saudi Arabia based on the China–Pakistan Economic Corridor.

On behalf of Pakistan, the minister also expressed the wish to establish CPEC-style economic cooperation with Saudi Arabia.

Speaking during a meeting with the Pakistani community at the Consulate General of Pakistan in Jeddah, the minister said: "We want to establish CPEC-style economic cooperation with Saudi Arabia as well. Based on CPEC, a joint investment offer has been made to China and Saudi Arabia."

Ahsan also rejected rumours regarding Pakistan going toward a default and said: "News regarding the country defaulting are not true."

A day earlier, Finance Minister Ishaq Dar also refuted all rumours related to the oil shortage and widening credit default swap, labelling them as "baseless speculation" being spread for a political agenda.

"There is no truth in the lies PTI has spread. [The government] saved the country from defaulting in six months," he said speaking at the occasion.

Ahsan slammed the PTI for putting Pakistan's economy at risk during its tenure and said that the government reinitiated CPEC after the the previous ruling party messed it up.

The minister added that the Pakistan's economy was at stake due to the previous government's poor policies. The incumbent government improved the state of economy by adhering to the International Monetary Fund's (IMF) policies.

Criticising the Imran Khan-led party for the instigating political chaos in the country, he said: "The nation is at each other's throats due to PTI. Their entire narrative is based on lies and hatred."

Ahsan, when commenting on the party's intentions to undermine the coalition government, said that attempts were made to sabotage Prime Minister Shehbaz Sharif's efforts to bring in aid for flood affectees.

"PTI is running an organised campaign of lies. However, this is no time for politics; in fact, it is the time to united the nation," the minister said addressing the Pakistani community in the Saudi city.

Ahsan emphasised on the significance of overseas Pakistanis referring to them as strategic partners.

"Overseas Pakistanis are a valuable asset for the country. An insurance scheme will be introduced for them," he said addressing the diplomatic event's attendees