ISLAMABAD: The sources close to the development indicated on Wednesday that the agreements totaling $2 billion are anticipated to be inked with the federal government on Thursday (tomorrow), during the visit of a high-level Saudi delegation.
According to the sources, the team from Saudi Arabia would be led by Khalid Al-Falih, the minister of investments, from October 10 to 11.
This significant visit coincides with the Shanghai Cooperation Organization (SCO) conference that is scheduled to occur in Islamabad later this month.
The Saudi minister of investments is scheduled to speak at a business event at an Islamabad hotel and hold talks with high-ranking members of Pakistan’s corporate sector during the visit.The officials said that the minister would oversee the signing of several memorandums of understanding (MOUs) and facilitate business-to-business meetings with Pakistani counterparts.
The visiting delegation includes representatives from Saudi companies in construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum sectors.
Pakistan has also received a loan from the International Monetary Fund (IMF), contributing to economic stabilization and efforts to reduce inflation.
The government also secured commitments for foreign loans totaling $3.2 billion from international creditors, including a $1.2 billion Saudi Oil Facility (SOF) for the next year.
Earlier, Prime Minister Shehbaz Sharif mentioned that “Pakistan is expected to sign agreements and MOUs worth $2 billion with Saudi Arabia” across various sectors.According to the officials, the minister would supervise the signing of multiple memorandums of understanding (MOUs) and arrange business-to-business meetings between American companies and their Pakistani counterparts.
Representatives from Saudi businesses in the fields of construction, engineering, finance, IT, hospitality, food, energy, and petroleum are part of the visiting delegation.
Additionally, Pakistan has benefited from a loan from the International Monetary Fund (IMF), which has helped stabilize the economy and lower inflation.
Additionally, the government obtained pledges from foreign creditors for loans totaling $3.2 billion, which included a $1.2 billion Saudi Oil Facility (SOF) for the upcoming year.
Earlier, Prime Minister Shehbaz Sharif mentioned that “Pakistan is expected to sign agreements and MOUs worth $2 billion with Saudi Arabia” across various sectors.
Amid economic challenges, Pakistan is keen to attract foreign investment. The government has implemented several fiscal measures aimed at stabilizing the economy, which has recently faced high inflation rates.
