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Economy

Pakistan eyes investment deals with Saudi, UAE

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The investments would be in addition to a $6-billion package provided to Pakistan by Saudi Arabia and a similar-sized package offered by the UAE, which is made up of loans and an oil payment credit facility.

Thursday 10, January 2019 BY KUDAKWASHE MUZORIWA

The office of the Prime Minister of Pakistan expects to sign investment agreements with Saudi Arabia and the UAE in the coming weeks, as Islamabad builds on its ties with states that have recently lent it billions of dollars.

In a statement, the Prime Minister’s office stated that a MoU was expected with Saudi Arabia this month, with an investment framework accord set to be signed with the UAE in February.

The MoUs follow a similar agreement signed last month with China.

Pakistan seeks to strengthen its public finances and reduce its current account deficit, which International Monetary Fund (IMF) estimated to be 5.9 per cent of gross domestic product (GDP) in 2018, reported Reuters.

TAGS : Pakistan-UAE, Pakistan-Saudi Arabia, Prime Minister Imran Khan, IMF, China

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