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After Qatar, Saudi Arabia prepared to take a position $1billion in Pakistan

by Pakistan Latest News Update

ISLAMABAD/RIYADH – Pakistan’s time-tested pal, Saudi Arabia introduced to take a position $1 billion within the South Asian nation to assist its dilapidating economic system.

An announcement issued by Saudi Press Company stated the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud directed to take a position an quantity of 1 billion {dollars} within the sisterly Republic of Pakistan, in affirmation of the Kingdom’s place in assist of the economic system of the Republic of Pakistan and its brotherly folks.

Prince Faisal bin Farhan bin Abdullah and Pakistan’s Foreign Minister Bilawal Bhutto Zardari mentioned particulars of the funding.

Mr Bhutto additionally shared a tweet, expressing pleasure for having a dialog together with his Saudi counterpart. He additionally recalled fraternal bilateral ties and welcomed Kingdom’s dedication to funding.

Kingdom introduced to assist Islamabad, a day after Qatar Funding Authority introduced that it goals to take a position about $three billion in numerous sectors in Pakistan.

Pakistan Prime Minister Shehbaz Sharif, not too long ago visited Doha the place he held talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani and different officers.

Sharif’s go to to the Gulf nation precedes an IMF assembly subsequent week that’s anticipated to approve greater than the primary tranche in financing that was stalled because the starting of this 12 months.

The nation of practically 221 million is in financial turmoil and faces a stability of funds disaster, with overseas reserves plunged as little as $7.eight billion, whereas present account deficit, depreciation of the rupee towards the USD additionally elevated woes.

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