Saudi King directs government to invest $1 bln in Pakistan

Saudi is one of Pakistan's largest donors
Saudi King directs government to invest $1 bln in Pakistan
Saudi King

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, directed a one-billion-dollar investment in Pakistan, emphasizing the Kingdom’s support for Pakistan’s people and economy. 

There were no details on whether the funding would be sent in the form of direct assistance to projects or as a deposit in Pakistan’s reserves to help the country deal with its current economic crisis.

This comes just a day after the Qatar Investment Authority declared its intention to invest $3 billion in Pakistan.

Saudi Arabia is one of Pakistan’s largest donors, and many Pakistanis live and work in there.

On Wednesday, Qatar pledged $3 billion to debt-ridden Pakistan’s economy, the latest aid a Gulf state has provided to the South Asian ally’s authorities.

Pakistan has been scrambling for funds in recent months. Meanwhile, the International Monetary Fund (IMF) is set to meet next Monday to discuss resuming a $6 billion loan program that has been suspended.

This month, the UAE announced a $1 billion investment in Pakistan, while Saudi is considering extending the term of a $2 billion emergency loan it provided to Islamabad last year.

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