According to a report from the Saudi Press Agency (SPA) on Thursday, King Salman bin Abdulaziz has ordered the Saudi government to spend $1 billion in Pakistan as a sign of the kingdom’s “commitment for the Pakistani people and the Pakistani economy.”
Foreign Minister Bilawal Bhutto Zardari was notified of the directive during a phone chat between the Saudi Foreign Minister Prince Faisal Bin Farhan Al Saud, according to the report.
FM Bilawal tweeted about the exchange and expressed his appreciation for the investment promise early today. Additionally, he claimed to have informed his Saudi counterpart about the water situation in Pakistan.The two leaders also talked on “strong Saudi-Pakistani relations and methods to boost them, as well as the regional and global issues of common interest,” according to the SPA report.
Acting Governor of the State Bank of Pakistan, Murtaza Syed, had earlier this week proposed $4 billion in loans from friendly nations for Pakistan.
He had stated that Pakistan would receive $2 billion from Qatar, $1 billion from Saudi Arabia under the auspices of a deferred oil facility, and $1 billion in investments from the UAE in various industries.
For FY23, Pakistan’s gross finance requirements—which take into account the money needed for CAD and debt repayments—would be roughly $30 billion.
The expected money available for this in FY23 is $37 billion, he had stated. After Pakistan obtained $4 billion in financing from friendly nations, the sum grew.
