Pakistan is facing a financial crisis. Pakistan, which is struggling with the condition of poverty, keeps taking help from other countries, in which it extends its hand to China and Saudi Arabia. Pakistan's new army chief, General Asim Munir, reached Saudi Arabia recently to rectify the deplorable situation prevailing in the country. Now the intention behind his visit is becoming clear or to say that his visit seems to be successful. Because there are indications that the Saudi government can provide financial assistance of $ 5 billion to Pakistan.
Crown Prince Mohammed bin Salman's directive
Saudi Crown Prince Mohammed bin Salman has instructed officials to increase the Gulf kingdom's investment in Pakistan to $10 billion and increase its deposits with the country's central bank to $5 billion, a media report said on Tuesday. Study to do. Explain that Pakistan's economic situation is facing serious headwinds in the first four months (July-October) of the current financial year, with inflation expected to remain high between 21-23 percent and the country's fiscal deficit to increase by more than 115 percent. doing.
Saudi Press Agency reported
The state-run Saudi Press Agency reported, "The crown prince has directed a study to increase Saudi Arabia's investment in the sister Islamic Republic of Pakistan, which was announced on August 25 last year, to reach USD 10 billion." Was.' It further added that Prince Mohammed has directed the Saudi Development Fund (SDF) to study increasing the number of deposits provided by the Gulf kingdom in favor of Pakistan's central bank, which was earlier increased to 5 percent on December 2, 2022. billion US dollars was made. This came within the framework of the ongoing communication between the Crown Prince and Prime Minister of Pakistan Shehbaz Sharif.
Army Chief General Asim Munir's visit to Saudi Arabia
The development comes during the conclusion of Pakistan Army Chief General Asim Munir's week-long visit to Saudi Arabia, in which he held a meeting with the Crown Prince and discussed ways to improve relations between the two countries. Of. Pakistani newspaper Dawn newspaper reported that in 2021, the State Bank of Pakistan (SBP) signed an agreement with the SDF to receive USD 3 billion, which would be kept in the central bank's account, to increase its foreign exchange. Storage needs to be improved.
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