Cairo: Saudi Arabia has extended its hand to help Pakistan troubled by the cash crisis. Yes, Saudi Arabia plans to invest one billion dollars in Pakistan, Saudi State TV reported this news on Thursday. State TV said Saudi King Salman bin Abdulaziz had instructed Saudi to support the Pakistani economy. According to Al-Arabiya News, Saudi Foreign Minister Prince Faisal bin Farhan informed about the decision during a phone call to Pakistani Foreign Minister Bilawal Bhutto-Zardari.
According to the SPA report, “King Salman bin Abdulaziz supported the economy of Pakistan and its people in view of the poor condition of the state. Ordered to invest $1 billion in Pakistan.
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The report said the foreign ministers discussed bilateral relations and means to improve them, as well as regional and international matters of mutual interest. Like UAE, Saudi Arabia will also supply crude oil worth $1 billion to Pakistan.
Inflation rate in Pakistan is the highest in the whole of Asia. The Pakistani economy is on the verge of destruction due to the widening current account deficit and the record fall in foreign exchange reserves. Pakistan is surrounded by economic crisis and is facing the problem of payment of money.
The Executive Board of the International Monetary Fund (IMF) will meet on August 29 on the relief package to be given to Pakistan. Pakistan’s Finance Minister Miftah Ismail said that (IMF) has sent a letter of intent related to the relief package to Pakistan, after which it will be signed and sent back. Recently, Pakistan had secured a $ 4 billion fund from friendly countries, which will help ease the country’s financial crisis and revive the stalled International Monetary Fund program of $ 6 billion.
FIRST PUBLISHED : August 26, 2022, 21:20 IST