Saudi Arabia plans to invest $24 billion in Pakistan

Confirmed by Musadik Malik, the Minister of State for Petroleum, Saudi Arabia is poised to inject a substantial $24 billion investment into Pakistan. These investment prospects encompass a range of sectors, including agriculture, energy, and information technology.

Adding to this development, Senator Ishaq Dar, the Finance Minister, announced that Saudi Arabia has effectively deposited $2 billion into the State Bank of Pakistan. This injection offers some respite to Pakistan, which has been grappling with financial challenges such as heightened inflation, dwindling foreign direct investment, debt restructuring dilemmas, and diminished foreign exchange reserves.

Presently, the foreign exchange reserves held by the State Bank of Pakistan are recorded at $8,153.8 million, marking a decline of $32 million attributed to debt repayments. The cumulative reserves, encompassing both those held by commercial banks ($5,309.9 million) and the State Bank of Pakistan, have attained a total of $13,463.7 million.

Leave a Reply

Your email address will not be published.