Pakistan eyes $25 billion Saudi investment
Caretaker Prime Minister Anwaarul Haq Kakar of Pakistan unveiled on Monday a promising development that signals Saudi Arabia's intention to invest up to 25 billion US dollar in Pakistan over the next two to five years, spanning various vital sectors.
Premier Kakar also disclosed his interim government's commitment to reinvigorating a previously stalled privatization initiative.
During a press briefing at his official residence, Prime Minister Kakar specified that Saudi Arabia's substantial investment would be directed toward the mining, agriculture, and information technology sectors. This initiative is a crucial element of Pakistan's strategy to augment foreign direct investment (FDI) in the nation.
Pakistan is presently navigating a challenging journey towards economic recovery under the stewardship of the caretaker government. This follows the approval of a $3 billion loan program by the International Monetary Fund (IMF) in July, which effectively prevented a sovereign debt default.
The current scenario in Islamabad involves grappling with a precarious balance of payments crisis, necessitating the infusion of billions of dollars to manage the trade deficit and meet debt repayment obligations. If the Saudi investment of 25 billion dollar is confirmed, it would mark the largest-ever investment made by Saudi Arabia in Pakistan.
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