Saudi king directs his government to invest $1 billion in Pakistan

The message about the king’s directive was relayed during a phone call between Saudi Foreign Minister Prince Faisal bin Farhan al Saud and Foreign Minister Bilawal Bhutto Zardari. 
Bilawal tweeted earlier on Friday about the interaction and welcomed the investment commitment. He said he had briefed his Saudi counterpart on the flood situation in Pakistan.

The SPA report said that the two leaders also discussed "strong Saudi-Pakistani relations and ways to boost them, as well as regional and international issues of common interest".

Earlier this week, State Bank of Pakistan’s acting governor, Murtaza Syed, had announced $4 billion in financing for Pakistan from friendly countries.

“Pakistan will get $2 billion from Qatar, $1 billion from Saudi Arabia under the umbrella of deferred oil facility, and $1 billion investments from the UAE in various sectors,” he had said.

Pakistan’s gross financing needs would be around $30 billion for fiscal 2023, including the amount required for cash against documents for international transactions and debt repayments.

He added that the available financing against this requirement is estimated at $37 billion for fiscal 2023. The amount increased after Pakistan secured $4 billion financing from friendly countries.

Dawn

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