ISLAMABAD: Saudi Arabia has announced a $1 billion investment in cash-strapped Pakistan, which is currently in a state of both economic and political turmoil.
The 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 briefed them on the Saudi King’s directive, in addition to discussing Saudi-Pakistani relations as well as regional and international issues.
“Guardian of the Two Holy Mosques, King” salman bin Abdulaziz Al Saud issued a directive to invest USD 1 billion in Pakistan, reaffirming the support of the Pakistani economy and the Pakistani people, the Saudi Press Agency (SPA) said on Thursday.
The Foreign Minister of Pakistan welcomed Saudi Arabia’s investment of $1 billion in Pakistan.
“Delighted to hold talks with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, welcomed KSA’s commitment to invest USD 1 billion in Pakistan. Damaged by unprecedented floods, expressed immense value solidarity and KSA All possible assistance,” Bilawal Bhutto said in a tweet.
The announcement regarding the fresh investment comes days after the State Bank of Pakistan informed about $4 billion financing for Pakistan from friendly countries.
“Pakistan will get $2 billion from Qatar, $1 billion from Saudi Arabia under the deferred oil facility and $1 billion from the UAE,” Dawn quoted the acting governor of the State Bank of Pakistan as saying. Murtaza Syed as saying.
Against gross financing requirements of about $30 billion for fiscal year 2013, Syed said the financing available against it for fiscal year 2013 is estimated at $37 billion. According to the report, the amount increased after Pakistan secured $4 billion in funding from friendly countries.
Pakistan’s economy is once again on the verge of collapse, in such a situation, the new coalition government is again knocking before the state for help. The $1 billion investment comes after visits by Pakistan’s newly elected prime minister Shahbaz Sharif and the country’s army chief Qamar Javed Bajwa,
Writing for Washington-based think tank Atlantic Council, Uzair Yunus said that recurring economic crises in Pakistan have made it more shameful for its leaders to seek Saudi money because both Saudis and Pakistanis know that Islamabad’s value proposition The decline is coming.
“But it doesn’t have to be – Pakistan is the only country in the world that can address the House of Saud’s growing security concerns in an increasingly hostile regional environment,” he said.
The 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 briefed them on the Saudi King’s directive, in addition to discussing Saudi-Pakistani relations as well as regional and international issues.
“Guardian of the Two Holy Mosques, King” salman bin Abdulaziz Al Saud issued a directive to invest USD 1 billion in Pakistan, reaffirming the support of the Pakistani economy and the Pakistani people, the Saudi Press Agency (SPA) said on Thursday.
The Foreign Minister of Pakistan welcomed Saudi Arabia’s investment of $1 billion in Pakistan.
“Delighted to hold talks with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, welcomed KSA’s commitment to invest USD 1 billion in Pakistan. Damaged by unprecedented floods, expressed immense value solidarity and KSA All possible assistance,” Bilawal Bhutto said in a tweet.
The announcement regarding the fresh investment comes days after the State Bank of Pakistan informed about $4 billion financing for Pakistan from friendly countries.
“Pakistan will get $2 billion from Qatar, $1 billion from Saudi Arabia under the deferred oil facility and $1 billion from the UAE,” Dawn quoted the acting governor of the State Bank of Pakistan as saying. Murtaza Syed as saying.
Against gross financing requirements of about $30 billion for fiscal year 2013, Syed said the financing available against it for fiscal year 2013 is estimated at $37 billion. According to the report, the amount increased after Pakistan secured $4 billion in funding from friendly countries.
Pakistan’s economy is once again on the verge of collapse, in such a situation, the new coalition government is again knocking before the state for help. The $1 billion investment comes after visits by Pakistan’s newly elected prime minister Shahbaz Sharif and the country’s army chief Qamar Javed Bajwa,
Writing for Washington-based think tank Atlantic Council, Uzair Yunus said that recurring economic crises in Pakistan have made it more shameful for its leaders to seek Saudi money because both Saudis and Pakistanis know that Islamabad’s value proposition The decline is coming.
“But it doesn’t have to be – Pakistan is the only country in the world that can address the House of Saud’s growing security concerns in an increasingly hostile regional environment,” he said.