Saudi Arabia hints at boosting its investments in Pakistan to $10 billion
Will also deposit extra $2 billion in State Bank to shore up its forex reserves: Crown Prince directs Saudi Fund for Development to study increasing Kingdom’s investments in Pakistan
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In a crucial financial relief for Pakistan, the Kingdom of Saudi Arabia has hinted at increasing its investment in the country to $10 billion. It has also suggested to deposit $2 billion more in country’s central bank in order to shore up its forex reserves, reported 24NewsHD TV channel on Tuesday.
According to Arab News, Saudi Arabia’s Crown Prince Mohammed bin Salman has directed to study increasing the Kingdom’s investments in Pakistan to reach $10 billion.
He also directed the Saudi Fund for Development to study increasing the Saudi deposit to Pakistan’s Central Bank to reach $5 billion.
The investments in Pakistan were previously announced in August. The Saudi deposit to the central bank was extended in December.
Prince Mohammed’s directives have come to affirm the Kingdom's position in supporting the economy of Pakistan and its people, the Saudi Press Agency said early Tuesday.
The move, SPA stated, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
The development was reached within the framework of the existing communication between Prince Salman and Prime Minister Shehbaz Sharif, it added.
The development came after the visit of Pakistan Army Chief General Syed Asim Munir to Saudi Arabia.
The COAS called on Saudi Crown Prince Mohammed bin Salman on Sunday night. He held talks with top Saudi officials, including the defence minister, on his first official trip to the Gulf kingdom as the country is facing an unprecedented economic crisis.
General Syed Asim Munir, who took charge in November, has followed in the footsteps of his predecessors in visiting Saudi Arabia – a close defence and economic ally – on his maiden overseas trip.
The army chief also visited the United Arab Emirates and held a meeting with UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan during the nearly one-week trip.
PM apprises WB, ADB officials about rehabilitation of flood affectees
Separately, the World Bank's Vice President for South Asia Region Martin Raiser and the Asian Development Bank's Vice President Operations for South Asia, Shixin Chen called on Prime Minister Shehbaz Sharif on the sidelines of International Conference on Resilient Pakistan in Geneva.
During the meeting, the prime minister highlighted the measures taken by the government for relief and rehabilitation of flood affected people.
He thanked the officials of both banks for contributing in the efforts for rehabilitation of the flood affected people.
Meanwhile, Foreign Minister of Uzbekistan Bakhtiyor Saidov, Britain's Minister of State for Development, Andrew Mitchell, and Deputy Administrator of USAID Isabel Coleman also separately called on Prime Minister Shehbaz Sharif on the sidelines of International Conference on Resilient Pakistan.
During these meetings, the Prime Minister thanked their countries for their contribution in rehabilitation of flood affected people in Pakistan.
He said Pakistan and its people are grateful to friendly countries that stand by it in difficult times.
The prime minister also highlighted the steps taken by the government for rehabilitation of flood victims.