Saudia Arabia commits to invest 1$1bn , Saudi king salman want to support pakistan, shahbaz shareef meeting with saudi king, bilawal briefed flood situation in sindh , pakistan facing ecnomical crisis of 7.8 million dollar

  

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Saudi Arabia commits investment of $1bn

Saudi King Salman bin Abdulaziz gives directive for the kingdom to support the Pakistani economy

By News update by talha

August 26, 2022

 Prime Minister Shehbaz Sharif (L) meets Saudi Arabia’s Crown Prince Mohammad Bin Salman (R). Photo— Twitter/ PM Office

CAIRO/ISLAMABAD: Following Qatar, Saudi Arabia on Thursday committed to invest $1 billion in Pakistan, Saudi state TV reported on Thursday.

Saudi King Salman bin Abdulaziz gave the directive for the kingdom to support the Pakistani economy. According to Al-Arabiya News, Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan informed his Pakistani counterpart, Bilawal Bhutto-Zardari, about the decision during a phone call.

“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,” Saudi Press Agency (SPA) reported.

The foreign ministers also discussed the bilateral ties and means to improve them as well as regional and international affairs of mutual interest, the report added. While recalling fraternal bilateral ties between the two countries, the foreign minister welcomed Saudi Arabia’s commitment of one billion dollar investment in Pakistan.

Bilawal also briefed his counterpart on the damage caused by unprecedented floods. He thanked for the solidarity expressed and all possible assistance provided by Saudi Arabia. Bilawal Bhutto recently cancelled the tour of four European countries due to the flood situation.

Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports. It is also contending with a widening current account deficit, weakening rupee and inflation that exceeded 24 percent in July.

The IMF had asked Pakistan to bridge a $4 billion financing gap and Pakistan approached friendly countries — Saudi Arabia, the UAE, and Qatar — to help meet the requirement. Saudi Arabia will also provide $1 billion in oil financing to the South Asian nation and the UAE will give a similar amount to the country. A day earlier, Qatar Investment Authority shared its plan to invest $3 billion in Pakistan, the Qatari ruler’s office said.