Saudi Arabia to deposit $2 billion in SBP within a week
The Kingdom of Saudi Arabia (KSA) is to deposit an amount of $2
billion into the State Bank of Pakistan’s (SBP) account within a week.
The development was reportedly confirmed by Saudi Ambassador to
Pakistan Nawaf bin Said Al-Malki during a meeting with Special Assistant to
Prime Minister (SAPM) Muhammad Jawad Sohrab Malik in Islamabad.
The Saudi envoy said the Kingdom is committed to building
long-term, sustainable investment transactions between Saudi Arabia and
Pakistan.
The ambassador reiterated Saudi Crown Prince Mohammed bin
Salman’s pledge to increase Saudi Arabia’s investments to $10 billion in
Pakistan’s energy and IT sectors within the next few years.
The Saudi envoy expressed a keen interest on behalf of the Saudi
government to recruit more manpower from Pakistan as Saudi labor market is
continuing to expand, mainly due to the launch of several mega projects under
the Saudi Vision 2030.
Earlier this month, Minister of State for Finance Aisha Ghaus Pasha had said that Saudi Arabia
has assured the International Monetary Fund (IMF) it will provide a $2-billion
loan to Pakistan.
Meanwhile, Pakistan announced financial support Friday from the United Arab
Emirates and China totalling $1.3 billion.