Islamabad: The Kingdom of Saudi Arabia (KSA) on Thursday (August 25) pledged to invest USD 1 billion in Pakistan, news sources reported. The investment has been made by the Saudi government under the bilateral trade agreement.
Reportedly, Foreign Minister (FM) Bilawal Zardari announced the news in a series of Tweets. According to the minister, Saudi King Salman bin Abdul Aziz has directed Saudi authorities to invest USD 1 billion in Pakistan as a form of mutual assistance to the Pakistani economy. The tweet went on to say,
“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”
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
Furthermore, the minister stated that the Saudi government is also working to help flood victims in Pakistan who have been affected by the relentless rains.
It is worth noting that Pakistan has sought USD 1.7 billion from the International Monetary Fund (IMF) under the extended fund facility agreement. The government must acquire USD 4 billion from friendly Gulf counties for the IMF loan fund release. Pakistan has already secured USD 2 billion from Qatar, USD 1 billion from the UAE, and now USD 1 billion from Saudi Arabia.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
