Wednesday, 9 January 2019

Saudi crown prince to visit Pak, ink deals worth $15 billion

Saudi crown prince to visit Pak, ink deals worth $15 billion

Saudi Crown Prince Mohammed bin Salman is expected to make a brief visit to Pakistan very soon and is likely to announce investment projects worth about $15 billion in the cashstrapped country, a media report said on Tuesday.

 The dates for the kingdom’s de-facto ruler’s visit are currently being discussed, Geo News reported. 

 Pakistan, reeling under financial crisis, has reached out to “friendly countries” for economic assistance, including Saudi Arabia, China and the UAE, since PM Imran Khan assumed office in August. 

In October, Saudi Arabia agreed to provide a $6 billion package to Pakistan to support its ailing economy. 

The package included $3 billion balance of payments support and $3 billion in deferred payments on oil import. 

Pakistan on Sunday said the UAE has “almost finalised” investment plan for the setting up of an oil refinery in the country after the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan met Khan. 

Information minister Fawad Chaudhry said the UAE had already promised to pr

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