Musadik Malik, the Minister of State for Petroleum, confirmed that Saudi Arabia will invest $24 billion in Pakistan. The investment opportunities encompass agriculture, energy, and information technology sectors.
Saudi Arabia will Invest $24 Billion
Furthermore, Finance Minister Senator Ishaq Dar stated that Saudi Arabia already deposited $2 billion in the State Bank of Pakistan, offering relief to the cash-strapped country facing challenges like high inflation, dwindling foreign direct investment, debt restructuring problems, and foreign exchange reserves.
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As per statistics, the country’s foreign exchange reserves held by the State Bank of Pakistan amount to $8,153.8 million, decreased by $32 million due to debt repayments. Total reserves reached $13,463.7 million, including reserves held by commercial banks, which sum up to $5,309.9 million.