Earlier this week, Saudi state TV reported that Saudi Arabia will invest $1 billion in Pakistan.
The country’s economy will be supported by the Saudi government, according to state TV. During a phone call with Pakistani counterpart Bilawal Bhutto-Zardari, Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan informed him of the decision.
May God protect King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques. The brotherly Republic of Pakistan will receive an investment of one billion dollars from him. It confirms the Kingdom’s support for the economy of the Republic of Pakistan and its brotherly people.
Pakistan is facing an economic crisis and a balance of payments crisis due to a decline in foreign reserves of $7.8 billion. It barely covers a month’s worth of imports. The country is also facing a current account deficit, rupee depreciation, and inflation of over 24% in July.
Pakistan LNG fired plant sale to Qatar
Last week, local media reported that Islamabad was planning to sell two LNG-fired power plants to Qatar. It also owns 51% of Pakistan International Airlines (PIA) and the Roosevelt Hotel in New York.
“Moreover, After much internal debate, the Pakistani government has decided to grant Qatar 10% to its government-owned listed companies, similar to what it has had to offer to the UAE,”.
Moreover, His Highness emphasized the importance of the brotherly and strategic relationship between the two countries. The Qatar Investment Authority is promoting trade exchange and investments in order to enhance economic partnership,” they stated.
Next week, the prime minister will visit Qatar ahead of a meeting of the International Monetary Fund that will be held there. This meeting is expected to approve over $1 billion in financing that has been stalled since the beginning of the year, and is expected to begin soon.