Saudi Arabia will contribute $1 billion to Pakistan's struggling economy
A $1 billion investment from Saudi Arabia has been made in cash-strapped Pakistan, which is now experiencing both economic and political unrest. The Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah told his Pakistani counterpart Bilawal Bhutto Zardari of the Saudi King's instruction during a phone chat, during which they also discussed regional and global concerns as well as Saudi-Pakistani relations. According to Saudi Press Agency (SPA), on Thursday, "King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, issued a decree to invest USD 1 billion in Pakistan, in affirmation of the Kingdom's support of the Pakistani economy and the Pakistani people." The $1 billion investment made by the kingdom in Pakistan was hailed by the Pakistani foreign minister. "I am happy to speak with HH FM Faisal bin Farhan. Recalling the strong connections between the two countries, Pakistan appreciated the KSA's pledge to invest $1 billion there. I informed my counterpart of the devastation brought on by the exceptional floods, and I highly value the solidarity shown and the KSA's offer of all assistance "In a tweet, Bilawal Bhutto stated. This new investment announcement comes days after the State Bank of Pakistan disclosed $4 billion in financing from friendly nations for Pakistan. Read the full article