Islamabad August 25 2022: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a directive to invest $1 billion in Pakistan, in confirmation of the Kingdom’s support of the Pakistani economy and the Pakistani people.
This came during a phone call Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, received today from his Pakistani counterpart Bilawal Bhutto Zardari, where he informed him of the King’s directive, in addition to discussing the strong Saudi-Pakistani relations and ways to boost them, as well as the regional and international issues of common interest.
“Pleased to have conversation with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, welcomed KSA commitment of $1 billion investment in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed & KSAs all possible assistance” says Pakistan’s Foreign Minister Bilawal Bhuto
Saudi Arabia is pledging its support for Pakistan to help ease the country’s funding crunch and the consequent risk of a default. IMF Is Said to Seek Assurance on Saudi Funding to Pakistan The South Asian nation will also get $1 billion in oil financing from Saudi Arabia and a similar amount in investments from the United Arab Emirates.
Pakistan has a commitment of $3 billion from Qatar Investment Authority for investment in various sectors of Pakistan.
The pledges come before an IMF board meeting on August 29th 2022 that could lead to the release of $1.2 billion in financing.
