Saudi Arabia to invest $1 billion in Pakistan

0
25
billion

 

Monitoring Desk

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

Saudi King Salman bin Abdulaziz had told the kingdom to help the Pakistani economy, the state broadcast said.

Foreign Minister Bilawal Bhutto-Zardari took to Twitter to say that he liked what was happening.

“Happy to have a conversation with HH FM @FaisalbinFarhan. Pakistan welcomed Saudi Arabia’s promise to invest $1 billion in the country. “I told my counterpart about the damage caused by the unprecedented floods, how much I appreciate the solidarity shown, and how KSAs will help in any way they can,” he wrote.

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

“The Qatar Investment Authority said it wanted to invest $3 billion in different business and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said, without giving details.

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

The announcement was made by Prime Minister Shehbaz Sharif while he was in Doha. He met with the Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday and the QIA on Tuesday.

Sources close to the prime minister said that he was likely to offer Qatar shares in state-owned companies like Pakistan International Airlines and the Roosevelt Hotel in New York.

Pakistan’s economy is in trouble because it has a balance of payments crisis and its foreign reserves have dropped as low as $7.8 billion, which isn’t even enough to pay for more than a month’s worth of imports.

Pakistan also has a widening current account deficit and a historic drop in the value of the rupee against the US dollar. In August, it had inflation of over 42%.