Saudi Arabia Pumps $1 Billion Into Pakistan Corpus In Reaction To Qatar Proactive Help
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Roshan Amiri
- . August 26, 2022
- . Update: August 27, 2022 3:06 pm
Saudi arabia–Pakistan is in good books of the Kingdom and this is looking evident as King Salman has ordered for a hefty sum of $1 billion to be invested into its economy. The directive came while Foreign Minister Prince Faisal bin Farhan was in conversation with the Pakistani counterpart Bilwal Bhutto Zardari.
As an Islamic country, both seemed to have also discussed their regional and international issues of common interest. For Foreign Minister Bilawal Bhutto Zardari, this is a huge benefit who has taken over from previous PM Imran Khan who continued to create havoc in the country through this political party power claiming he was unjustly removed from power.
Taking to Twitter, he said that he graciously welcomed the investment in Pakistan and briefed his counterpart “on damages caused by unprecedented floods” in his country.
There is evident competition brewing amongst the Middle Easter nations. Saudi Arabia’s decision comes after Qatar’s sovereign wealth fund expressed the desire to invest $3 billion in key sectors of Pakistan’s economy during Pakistani Prime Minister Shehbaz Sharif’s two-day visit to Doha this week.
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Pakistan currently is having to deal with political instability and flood conditions as well. As of now, the country’s central bank has been able to secure $4 billion worth in funds from friendly countries, which would help ease the country’s financial crisis and revive the $6 billion stalled International Monetary Fund (IMF) programme. Pakistan has also been seeking $4 billion from friendly countries to bridge a gap in foreign reserves before IMF releases the next tranche.
Both countries have a lot of things in common. For one Quran and Sunnah play a significant role in the constitutional framework of both countries. Then, both understand their antecedence to be connected, somewhere too.
