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.