King Salman gives instructions for investment of $1b in cash-trapped Pakistan
King Salman has issued a directive to invest $1 billion dollars into Pakistan, in confirmation of the Kingdom’s support for the country and its people, the kingdom’s state-run news agency indicated Thursday.
The directive came during a telephone call between Saudi Foreign Minister Prince Faisal bin Farhan and his Pakistani counterpart Bilawal Bhutto Zardari.
Bhutto Zardari said on Twitter that he welcomed the investment in Pakistan and briefed his counterpart “on damages caused by unprecedented floods” in his country.
The Gulf country, according to State Bank of Pakistan (SBP) Acting Governor Murtaza Syed, had pledged to invest $1 billion in the country.
Pakistan’s economy is under stress as the country’s rupee is at record low and foreign exchange reserves are drying up. Qatar and UAE have also pledged respectively $2 billion and $1 billion in form of investment.