ISLAMABAD: A high-level Saudi delegation is set to arrive in Pakistan tomorrow (Thursday) to sign agreements worth $2 billion with the federal government.
Led by Saudi Arabia’s Minister of Investment, Khalid Al-Falih, the delegation will visit Pakistan from October 10-11, ahead of the Shanghai Cooperation Organisation (SCO) summit, which will be held in Islamabad later this month.
According to officials, the minister will oversee the signing of multiple memorandums of understanding (MoUs) and engage in business-to-business meetings. The delegation includes Saudi companies from sectors such as construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum.
During his visit, the Saudi investment minister will address a business forum at a local hotel in Islamabad and meet with senior leaders from Pakistan’s private sector.
Earlier, Prime Minister Shehbaz Sharif announced that Pakistan is expected to sign $2 billion worth of agreements and MoUs with Saudi Arabia in various sectors during the visit.
The financially struggling nation is seeking to attract foreign investment, following recent economic stabilization efforts that have led to a surge in inflation. Pakistan has already secured a loan from the International Monetary Fund (IMF), which has helped bring down inflation.
Additionally, the government has secured commitments for $3.2 billion in foreign loans from international creditors, including a $1.2 billion Saudi Oil Facility (SOF) for the next 12 months.
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