Saudi package would be ‘biggest foreign investment’ in history: Pakistan finance minister

A boy waves a flag to attract customers as he sells patriotic memorabilia, ahead of Pakistan’s Independence Day, at a stall in Karachi, Pakistan August 2, 2018. REUTERS/Akhtar Soomro

Pakistan’s Finance Minister Asad Umar said Thursday that an incoming investment package from Saudi Arabia would be “the biggest foreign investment” in the country’s history. The announcement of the package will be made following a cabinet approval next week, the Dawn reported.

“The ball is in our court. We have to get cabinet approval next week, after which an announcement will be made,” the paper quoted Umar as saying at an event in Islamabad. Pakistan and Saudi Arabia have been in talks recently over a bailout package for Islamabad.

At a time when various foreign countries and business delegations were pulling out of an investment conference in Saudi after the murder of journalist Jamal Khashoggi in Kingdom’s consulate in Istanbul, Prime Minister Imran Khan attended the event, inviting foreign investors to put their money into projects in Pakistan.

Saudi Arabia announced to provide cash-strapped Pakistan $3 billion in balance of payment support and additionally give oil worth $3 billion on deferred payment after Prime Minister Khan met Saudi King Salman in Riyadh October.