On the back of Pakistan facing a serious cash crunch, Saudi Arabia has announced to invest more in the cash-deprived country. According to the media reports, the Saudi Crown Prince Mohammed Bin Salman has asked the authorities concerned to increase the kingdom’s investment in Pakistan up to $10 billion.
The news comes a day after the Chief of Army Staff General Asim Munir met the Saudi crown prince. Moreover, the crown prince has also ordered the Saudi Fund for Development (SFD) to round off the total deposits to $5bn by depositing a further $2bn.
Saudi Arabia is Studying to Augment its Investments in Pakistan to Reach $10 b and Increasing its Deposit to CBP to $5b, it was Announced.https://t.co/rc9ZBBQfCe#SPAGOV pic.twitter.com/Muxj1GpqoY
— SPAENG (@Spa_Eng) January 10, 2023
Pakistan has been struggling to keep its fast depleting foreign reserves intact. The country’s foreign reserves have nearly halved since the Pakistan Democratic Movement-led government took over in April last year.