Saudi Arabia to invest $1 billion in Pakistan | The Express Tribune



CAIRO:

Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday.

Saudi King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, the state broadcast added.

Foreign Minister Bilawal Bhutto-Zardari, taking to Twitter, welcomed the development.

“Pleased to have conversation with HH FM @FaisalbinFarhan. Recalling fraternal bilat. ties, welcomed KSA commitment of $1 billion invest. in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed & KSAs all possible assistance,” he wrote.

The development comes a day after the Qatar Investment Authority said it would invest $3 billion in Pakistan.

“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.

The Emiri Diwan is the sovereign body and the administrative office of the Emir of Qatar.

Read more: Inflation breaks record as SPI exceeds 42%

The announcement was made during a visit to Doha by Prime Minister Shehbaz Sharif, who held official talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday after a meeting with the QIA on Tuesday.

Sources close to the prime minister have said he was expected to offer Qatar shares in state-owned enterprises including the Pakistan International Airlines and the Roosevelt Hotel in New York.

Pakistan is in economic turmoil with a balance of payment crisis as its foreign reserves have fallen as low as $7.8 billion, hardly enough for more than a month of imports.

Pakistan also faces a widening current account deficit and a historic depreciation of the rupee against the US dollar. In August, it posted inflation of over 42%.





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