Saudi Arabia aims to increase investments in Pakistan to $10 billion
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Alaina
- . January 10, 2023
- . Update: January 10, 2023 3:43 pm
The Kingdom of Saudi Arabia (KSA) aims to increase investments in the Islamic Republic of Pakistan to $10 billion. Saudi Arabia’s Crown Prince Mohammed bin Salman has already directed the Saudi authorities to study increasing the Kingdom’s investments in the Islamic Republic.
The Saudi Crown Prince directed the Saudi Fund for Development to study increasing the Kingdom’s deposit to Pakistan’s Central Bank to reach $5 billion.
The Saudi Fund for Development is a Saudi Arabian government agency that aims to provide financial assistance to developing countries. Saudi Arabia’s plan to increase investments in Pakistan to $10 billion can help to mitigate the suffering of people affected by deadly floods. It can also boost the economy of Pakistan, which is affected by floods and political crises.
In August 2022, the Kingdom announced the investment in Pakistan. In December, Saudi deposit to the central bank was also extended.
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According to the state-run Saudi Press Agency, the Kingdom’s investment in Pakistan’s central bank is currently $3 billion. Saudi Arabia affirmed support for the economy of the South Asian nation.
Earlier, the Saudi Crown Prince met with Pakistan’s army chief General, Syed Asim Munir, to discuss enhancing bilateral ties and strengthening cooperation between the two countries.
The economy of Pakistan was affected due to floods that inundated a third of the nation. Pakistan’s foreign exchange reserves dropped to $5.6 billion. The country has only $4.5 billion foreign exchange reserves in hand.
Recently, the International Monetary Fund rejected claims that the call between IMF Managing Director Kristalina Georgieva and Pakistan’s Prime Minister Shehbaz Sharif took place on Friday. However, an official handout released by Pakistan PM Shehbaz Sharif’s office claimed that Georgieva called the Pakistani Prime Minister.
Meanwhile, Pakistan and the United Nations held a conference in Geneva on Monday to discuss the devastating floods that affected the economy of the country.
