Following the declaration by the leadership of Qatar to spend $3 billion in Pakistan, it was learned on Thursday that Saudi Arabia had also promised the Pakistani leadership investment of $1 billion.
In this context, the strengthening of bilateral cordial ties was a topic of debate during a phone call between Saudi Foreign Minister Faisal bin Farhan and Pakistani Foreign Minister Bilawal Bhutto.
Bilawal Bhutto thanked the Saudi FM for his assurance that his nation will spend $1 billion in Pakistan during the conversation.
In order to prevent Islamabad from experiencing a liquidity vacuum after receiving the IMF loan, the International Monetary Fund (IMF) had earlier in July sought assurances that Saudi Arabia would follow through with plans to provide up to $4 billion in funds to Pakistan.
It is important to note that Pakistan had returned the letter of intent (LoI) to the Washington-based lender, which made it possible for the executive board to meet on August 16 to discuss restarting the halted Extended Fund Facility (EFF) program.
The Fund said on August 2 that Pakistan has met all goals established for the restart of the EFF program.
To read our blog on “Regarding the Pakistan-IMF deal, Gen. Bajwa contacts the UAE and Saudi Arabia,” click here.