No Script Javascript is disabled. Please enable it for better working experience.
Advertisement
Thursday 18 April, 2024
Advertisement

Saudi Arabia agrees to invest $1 billion in Pakistan

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

Advertisement

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.

Advertisement
More News on

Related Articles

Who is Zara Ansari? Ashfaq Satti’s third wife
Pakistan

Who is Zara Ansari? Ashfaq Satti’s third wife

Nomaika Satti, wife of ARY News anchorperson Ashfaque Satti, has made a...

Coldwave to hit Pakistan after Oct 17
Latest

Coldwave to hit Pakistan after Oct 17

According to the Pakistan Meteorological Department (PMD) on Thursday, a cold wave...

Maryam Nawaz's son Junaid Safdar divorce Ayesha
Latest

Maryam Nawaz's son Junaid Safdar divorce Ayesha

Junaid Safdar, the son of Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz, announced...

Petrol Price in Pakistan reduced by Rs. 8 from 1st October
Latest

Petrol Price in Pakistan reduced by Rs. 8 from 1st October

After three large increases in the previous fortnightly reviews, the caretaker government...

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak
Latest

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak

Due to an increase in pink eye (conjunctivitis) instances, Punjab's temporary Chief...

When will it rain in Karachi?
Latest

When will it rain in Karachi?

According to the Pakistan Meteorological Department's (PMD) latest forecast, certain districts of...

Advertisement

Latest News

Who was Courtney Fannon? What was her cause of death
US

Who was Courtney Fannon? What was her cause of death

In her tight-knit New York community, COURTNEY Fannon was regarded as an...

Rapper Bo$$ dead at 54, Cause of death
Entertainment

Rapper Bo$$ dead at 54, Cause of death

Lichelle Marie Laws, a.k.a. rapper Boss, passed away at the age of...

Sophia Leone Dead at 26, Cause of Death
Entertainment

Sophia Leone Dead at 26, Cause of Death

Sophia Leone, an adult film star, passed away, according to her family,...

Camryn Herriage college grad in ICU, friend killed after crash
US

Camryn Herriage college grad in ICU, friend killed after crash

This is due to the Saudi Arabian Grand Prix, which is scheduled...

Advertisement