Islamabad July 3 2023: The Kingdom of Saudi Arabia and the United Arab Emirates is showing a keen interest to invest funds of USD 46 billion in Pakistan’s information technology, agriculture and mining sectors, says Minister of State for Petroleum Dr Musadik Malik on Sunday.
Saudi Arabia planned to allocate USD 24 billion in funds for investment purposes in Pakistan, while the UAE allocated an amount of USD 22 billion for investment in three sectors of Pakistan, the state minister stated in an interview with a private television channel.
The heavy investment in three major sectors of Pakistan would open many job opportunities for young people, he added.
Pakistan's key stock gauge KSE-100 index surged by the most in over three years on Monday after the nation clinched an initial USD 3 billion loan deal from IMF while gold prices drop by PKR 8,000 per tola and dollar in open market is trading way below than interbank rate of 285.99 as banks are closed due to Banks Holiday.
On Friday, the IMF staff and the Pakistani authorities have reached a staff-level agreement for the disbursement of amount of USD 3 billion on policies to be supported by a Stand-By Arrangement (SBA).