- Saudi Delegation to Sign $2 Billion Agreements with Pakistan.
- Saudi Investment Minister Khalid Al-Falih will visit Islamabad from October 10-11.
- The government committed $3.2 billion in foreign loans, including a $1.2 billion Saudi Oil Facility.
Led by Saudi Investment Minister Khalid Al-Falih, the delegation will be in Islamabad from October 10-11. The visit comes just ahead of the Shanghai Cooperation Organisation (SCO) summit, which will also be held in Islamabad later this month. During the visit, Al-Falih is scheduled to address a business forum and engage in discussions with key figures from Pakistan’s private sector.
Officials reported that the Saudi minister will oversee the signing of multiple memorandums of understanding (MOUs) and foster business-to-business connections with Pakistani counterparts. The delegation includes representatives from various sectors, such as construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum.
Amid recent economic challenges, Pakistan has secured a loan from the International Monetary Fund (IMF) to help stabilize its economy and combat inflation. Additionally, the government has obtained commitments for $3.2 billion in foreign loans, including a $1.2 billion Saudi Oil Facility (SOF) for the upcoming year.
Prime Minister Shehbaz Sharif had previously noted that Pakistan anticipated signing agreements with Saudi Arabia across multiple sectors. As part of broader efforts to attract foreign investment, the government has implemented various fiscal measures aimed at stabilizing the economy, which has recently experienced high inflation.
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