Saudi Arabia signs $20bn in deals with Pakistan
During the kingdom’s Crown Prince Mohammed bin Salman, Saudi Arabia has owed investment deals worth $20bn (£15.5bn) with Pakistan which is seeking to strengthen its delicate economy. The deals include funding for an $8bn oil refinery in the city of Gwadar.
Pakistan is suffering a financial crisis. It has only $8bn left in foreign reserves and is looking to international backers for support.
Prime Minister Imran Khan has been seeking help from friendly countries in order to cut the size of the bailout package his country is likely to need from the International Monetary Fund, under very strict conditions.
The country is seeking its 13th bailout since the late 1980s and Saudi Arabia has already provided a $6bn loan. Pakistan also said it would confer its highest civilian honor on the Saudi crown prince, the Order of Pakistan, a day after the investment deals were finalised.
According to reports, Saudi Arabia and Pakistan signed provisional agreements and memorandums of understanding in the energy, petrochemicals and mining sectors.
Prince bin Salman said of the latest deals, : “It’s big for phase one, and definitely [our commercial relationship] will grow every month and every year, and it will be beneficial to both countries.”
Copyright © 2019 Ghanalive.TV. All Rights Reserved.