ISLAMABAD – The agreements worth $2 billion are expected to be signed with the federal government during the visit of a high-level Saudi delegation on Thursday (tomorrow), the sources close to the development said on Wednesday.
The sources said that Saudi Arabia Investment Minister Khalid Al-Falih would lead the Saudi delegation from October 10-11.
The important visit is taking place just ahead of Shanghai Cooperation Organisation (SCO) summit due to take place in Islamabad later this month.
During the visit, the Saudi investment minister is expected to address a business forum at a local hotel in Islamabad and engage in discussions with senior leaders of Pakistan’s private sector.
The officials said that the minister would oversee the signing of several memorandums of understanding (MOUs) and facilitate business-to-business meetings with Pakistani counterparts.
The visiting delegation includes representatives from Saudi companies in construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum sectors.
Pakistan has also received a loan from the International Monetary Fund (IMF), contributing to economic stabilization and efforts to reduce inflation.
The government also secured commitments for foreign loans totaling $3.2 billion from international creditors, including a $1.2 billion Saudi Oil Facility (SOF) for the next year.
Earlier, Prime Minister Shehbaz Sharif mentioned that “Pakistan is expected to sign agreements and MOUs worth $2 billion with Saudi Arabia” across various sectors.
Amid economic challenges, Pakistan is keen to attract foreign investment. The government has implemented several fiscal measures aimed at stabilizing the economy, which has recently faced high inflation rates.
