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Tuesday, May 21, 2024

Saudi Arabia to invest $1 billion in Pakistan

King of Saudi Arabia Salman bin Abdul Aziz had directed the monarchy to assist the Pakistani economy which is facing a number of challenges from last couple of months.

Following the announcement of $3 billion investment from Qatar, Saudi Arabia has also consented to bring investment of $1 billion in Pakistan. Telephonic conversation took place between Foreign Minister Bilawal Bhutto and his Saudi counterpart Faisal bin Farhan and they had a discussion on promoting bilateral brotherly terms.

Read more: Qatar’s sovereign wealth fund may invest $3 billion in Pakistan

In a tweet Bilawal confirmed the telephonic conversation with the Saudi foreign minister.

During the conversation, Faisal bin Farhan agreed that his country would invest $1 billion in Pakistan. Bilawal Bhutto extended appreciation to his Saudi counterpart. He also highlighted the large-scale damage caused by floods in the country.

He thanked Saudi Arabia for its solidarity in the face of the worst floods in history, and he welcomed Saudi Arabia’s commitment that it will take all feasible steps to assist Pakistan’s flood victims.

King of Saudi Arabia Salman bin Abdul Aziz had directed the monarchy to assist the Pakistani economy which is facing a number of challenges from last couple of months.

However, it is not yet clear that when and where the investment will be made but the Saudi investment will bolster the government’s urgent need to restore some semblance of stability to the country’s weak economy.

Islamabad is eagerly seeking financial aid from friendly countries and international financial institutions to supplement its dwindling foreign reserves and keep the economy afloat.