Saudi Arabia has announced a USD 1 billion investment in cash-strapped Pakistan, which is currently in a state of both economic and political upheaval.
This development came during a phone call between Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart, Bilawal Bhutto Zardari, where he informed him of the Saudi King’s directive, in addition to discussing Saudi-Pakistani ties, as well as regional and international issues. The Saudi Press Agency (SPA) said on Thursday that “The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a directive to invest USD 1 billion in Pakistan, in confirmation of the Kingdom’s support of the Pakistani economy and the Pakistani people.”
The Pakistan foreign minister welcomed the kingdom’s USD 1 billion investment in Pakistan. “Pleasured to have a conversation with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, they welcomed KSA’s commitment of USD 1 billion investment in Pakistan. I briefed my counterpart on the damage caused by unprecedented floods, highly value solidarity expressed and KSAs all possible assistance, “Bilawal Bhutto said in a tweet. This announcement regarding the fresh investment comes days after the State Bank of Pakistan announced. In the face of gross financing needs of around USD 30 billion for FY23, Syed said the available financing against this is estimated at USD 37 billion.
Outgoing President Joe Biden has confirmed his attendance at the ceremony to ensure a peaceful…
The return of Pizarro’s statue to Lima’s main square has sparked mixed reactions, reflecting ongoing…
Trump's rally, featuring high-profile speakers and performers, sets the stage for his second term, previewing…
The Maha Kumbh, which began on January 13, will continue until February 26.
The sixth and youngest child of Mohammad Aslam from Budhal village in Rajouri district succumbed…
A Myanmar military airstrike in Rakhine state killed 28 people, including nine children, and wounded…