MoUs worth $2bn likely to be signed between two countries during upcoming visit

Pakistan and Saudi Arabia

Agreements worth $2 billion are likely to be signed between Pakistan and Saudi Arabia when a high-level delegation from the kingdom visits Islamabad tomorrow (Thursday). 

Saudi Arabia’s Minister of Investment Khalid Al-Falih will arrive in Pakistan on a two-day visit — October 10-11 — ahead of the Shanghai Cooperation Organisation (SCO) summit, which is also taking place in Islamabad later this month.

Officials have informed Geo News that the top minister will oversee the signing of several memorandums of understanding (MOUs) and also hold business-to-business meetings.

Saudi companies of construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.

The Saudi investment minister will address a business forum at a local hotel in Islamabad as well as hold talks with senior leadership of Pakistan’s private sector.

A day earlier, Prime Minister Shehbaz Sharif said that “Pakistan is expected to sign agreements and MoUs worth $2 billion with Saudi Arabia” in various sectors during the upcoming visit.

The cash-strapped nation is looking to attract foreign investment as the government has, after several belt-strapping moves, stabilised the economy, which pushed inflation to its highest recently.

Pakistan has already received a loan from the International Monetary Fund (IMF), which has further stabilised the economy and brought down inflation.

The administration has further secured a commitment of foreign loans amounting to $3.2 billion from international creditors including Saudi Oil Facility (SOF) of $1.2 billion for the next 12 months.