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Monday 04 December, 2023
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Saudi Arabia agrees to invest $1 billion in Pakistan

BY Faizan Ahmed Aug 25, 2022. 04:01 pm UPDATED: Aug 25, 2022. 04:01 pm

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According to Saudi state TV, the kingdom intends to invest $1 billion in Pakistan.

State TV further reported that Saudi King Salman bin Abdulaziz had instructed his country to support the Pakistani economy.

Prince Faisal bin Farhan, the foreign minister of Saudi Arabia, reportedly called Bilawal Bhutto-Zardari, the foreign minister of Pakistan, to advise him of the decision.

“King Salman bin Abdulaziz ordered investing $1 billion in the brotherly [country] of Pakistan [in line with] the Kingdom’s stance in support of the country’s economy and its people,” SPA reported.

According to the report, the foreign ministers also discussed ways to strengthen bilateral cooperation as well as regional and global issues of shared concern.

With foreign reserves as low as $7.8 billion, barely enough for more than a month’s worth of imports, Pakistan is experiencing an economic crisis and a balance of payments catastrophe. Additionally, it has to deal with an expanding current account deficit, a declining rupee, and inflation that went above 24% in July.

“The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said, without giving details.

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