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Saudi Arabia plans to invest $1bn in Pakistan

Person, Human, Flood REUTERS/Yasir Rajput
A man and a girl use a makeshift raft as they cross a flooded street, following rains during the monsoon season in Hyderabad, Pakistan August 24, 2022

Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday.

King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, Reuters reported, citing state TV.

Earlier this month, Bloomberg reported that the kingdom plans to renew its $3 billion (656 billion Pakistani rupee) deposit with the State Bank of Pakistan.

Additionally, it plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support.

The UAE has also announced plans to invest $1 billion in Pakistani companies across various economic and investment sectors, WAM, the UAE state news agency, reported.

In March, leaders of the UAE and Pakistan reaffirmed earlier commitments made by the two countries to boost bilateral trade.

On August 25, the Qatar Investment Authority announced plans to invest $3 billion in Pakistan to support the South Asian nation’s cash-strapped economy.

Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports, according to Reuters.

It is also contending with a widening current account deficit, weakening rupee currency, and inflation that exceeded 24 percent in July.

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