Cairo: Saudi Arabia has extended its hand to help Pakistan, which is facing cash crisis. Yes, Saudi Arabia plans to invest one billion dollars in Pakistan, Saudi State TV reported on Thursday. State TV said Saudi King Salman bin Abdulaziz had instructed Saudi Arabia to support Pakistan’s economy. According to Al-Arabiya News, Saudi Foreign Minister Prince Faisal bin Farhan informed Pakistani Foreign Minister Bilawal Bhutto-Zardari about the decision during a phone call.
According to the SPA report, “King Salman bin Abdulaziz supported Pakistan’s economy and its people in view of the state’s deteriorating condition. Ordered one billion dollars to be invested in Pakistan.
Declaration of national emergency in Pakistan, situation worsened due to heavy rains, more than 900 people died
The report said the foreign ministers discussed regional and international issues of mutual interest as well as bilateral relations and measures to improve them. Like UAE, Saudi Arabia will also supply crude oil worth one billion dollars to Pakistan.
Inflation rate in Pakistan is one of the highest in Asia. Pakistan’s economy is on the verge of collapse due to widening current account deficit and record fall in foreign exchange reserves. Pakistan is facing financial crisis and facing cash payment crisis.
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 the (IMF) has sent a letter of material related to the relief package to Pakistan, which will be signed and sent back after study. Pakistan recently secured a $4 billion fund from allies, which will help ease the country’s financial woes and revive the stalled $6 billion International Monetary Fund programme.
Tags: emergency, Pakistan, Saudi Arab
First Published: 26 August 2022, 21:20 IST