Saudi Crown Prince Mohammed bin Salman plans to visit Pakistan later this month, local media in Islamabad reported.
She said network Pakistani ARY News, citing undisclosed diplomatic sources, said it was likely that memorandums of understanding related to investments worth $5 billion would be signed during the visit. She said that the dates for the Saudi Crown Prince’s visit are coming to an end now.
Mohammed bin Salman received Pakistani Prime Minister Shehbaz Sharif in the Kingdom last month. According to Reuters, the two sides discussed accelerating a planned $5 billion investment package that Pakistan desperately needs to reduce its current account deficit and prove to the International Monetary Fund that it can continue to meet requirements. foreign funding, which was a key demand in previous rescues. packages.
Pakistani officials are expecting a Saudi commitment for investments between 10 and 15 billion US dollars during the current visit of a high-level Saudi trade delegation to Pakistan, including heads of companies working in agriculture , communications, construction and other sectors.
The 50-member Saudi delegation includes representatives from about 35 companies representing various economic sectors, according to Pakistani media.
Pakistan declares Saudi investments worth billions of dollars
Pakistan’s Prime Minister, Shehbaz Sharif, said on Wednesday that Riyadh will invest billions of dollars in his country, following a visit by the Saudi Foreign Minister to Islamabad this week.
A document from the government of Pakistan, on Monday, showed that officials from the Saudi company “Manara” are in Islamabad to continue talking about buying a share in the gold and copper mine “Rico Diq” in Pakistan.
Owned by Barrick Gold and the Pakistani government, the mine, located in the troubled southwestern region of Balochistan, is considered one of the largest undeveloped areas of copper and gold in the world.
Al-Manara officials are part of a large delegation that includes Saudi investors and companies that arrived in Islamabad yesterday, Sunday, according to a document containing the names of the official officials of the delegation, which Reuters saw.
The document stated that the General Director of Manara Metals Company wants to “continue discussions regarding the Rico Deq project.”
Saudi Foreign Minister, Prince Faisal bin Farhan, visited Pakistan last month in a visit that comes within the framework of efforts to strengthen economic cooperation between the two countries, according to Reuters.
Faisal bin Farhan, who was in Islamabad, said Riyadh would move “largely forward” in investing in projects in Pakistan, days after the South Asian country announced that the Gulf Kingdom has pledge to accelerate the pace of investments worth $5 billion.
For several months, Pakistan’s economy has been facing a balance of payments crisis, a very high external debt, an inflationary record, as well as a depreciation of the rupee.
Inflation eased slightly in February, but is still around 23 percent, and economic growth is expected to not exceed 2 percent in 2024, according to International Monetary Fund estimates.
The Saudi Crown Prince visited Pakistan in February 2019, when Islamabad presented the country’s highest civilian award to Mohammed bin Salman.
During that visit, Saudi Arabia signed a group of investment agreements worth $20 billion in Pakistan.
2024-05-06 15:54:38
#Media #Mohammed #bin #Salman #Pakistan #month
