Saudi Arabia Weighs Boosting Pakistan Investments, Deposits to $15 Billion

The Saudi state news agency reported on Tuesday that Saudi Arabia had hinted it might raise the $5 billion deposit limit for the Pakistani central bank and increase its $10 billion investment in the nation’s cash-strapped economy.

A study, according to Crown Prince Mohammed Bin Salman, has been ordered in order to double Saudi Arabia’s investment commitment from the $1 billion made in August to $10 billion.

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He has additionally asked the Saudi Development Fund (SDF) to take into consideration removing the restriction on Saudi deposits to the Pakistani central bank as part of efforts to support the economy’s deterioration.

The terms of a $3 billion deposit the Saudis already had in the central bank last month were extended by them.

International donors, including Saudi Arabia, pledged more than $9 billion to help Pakistan recover from the disastrous floods of the previous year at a summit in Geneva co-hosted by the UN and Pakistan’s government on Monday. The amount raised outside of Pakistan’s intended goals.

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Pakistan’s prime minister, Shahbaz Sharif, has worked to expand Pakistan’s economic ties with Gulf countries in order to draw more foreign investment.

In October, Sharif was asked to address attendees at the Future Investment Initiative, the premier business conference in Saudi Arabia. The Qatar Investment Authority (QIA), a sovereign wealth fund of Qatar, intends to invest $3 billion in Pakistan.

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