World News | Pak Eyes USD 2 Bln Investment Deal as High-level Saudi Delegation Arrives in Islamabad
Get latest articles and stories on World at LatestLY. Pakistan eyes a USD 2 billion investment deal as a high-level Saudi delegation arrived in the cash-strapped country on Wednesday on a three-day visit to promote business ties.
Islamabad, Oct 9 (PTI) Pakistan eyes a USD 2 billion investment deal as a high-level Saudi delegation arrived in the cash-strapped country on Wednesday on a three-day visit to promote business ties.
The delegation, led by Saudi Minister for Investment Khalid Bin Abdulaziz Al-Falih, includes 130 representatives of both the government and the private sector.
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During its stay, the delegation will meet top leaders, including Prime Minister Shehbaz Sharif, and hold business-to-business interactions to discuss various investment proposals.
Shehabz on Tuesday said that the investment agreement worth USD 2 billion would be signed during the delegation's visit.
Deputy Prime Minister Ishaq Dar also confirmed the deal. "The Saudi Minister for Investment will finalise various B2B investment proposals, estimated to exceed $2 billion.”
Dar expressed gratitude for Saudi's steadfast support during Pakistan's recent economic challenges, highlighting the Gulf Kingdom's crucial role in helping Pakistan regain stability.
Saudi Arabia has been playing a key role in helping Pakistan come out of the current economic troubles and it provided essential funds along with the UAE and China to make it possible for Islamabad to get a $7 billion loan from the International Monetary Fund.
The trip by the Saudi delegation comes ahead of the Shanghai Cooperation Organization (Summit next week and will boost economic ties between the two nations.
The Sharif government has been struggling to fix the economy.
The IMF on September 26 finally gave a nod to the assistance package and also released over USD 1 billion as the first tranche after Pakistan committed to certain conditions.
This USD 1 billion tranche came under an agreement to receive USD 7 billion over 39 months.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)