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Saudi Prince expected to seal multi-billion dollar deals in Pakistan

IANS  |  Islamabad 

Saudi Arabia's Crown will travel this weekend to where he is expected to announce multi-billion dollar investments to help the Kingdom's traditional ally tide over financial crisis amid declining foreign exchange reserves.

An in the Pakistani Foreign Ministry, requesting anonymity, told news on Tuesday that the Crown will arrive in on Saturday afternoon, accompanied by a 630-member delegation. He will leave the country on Sunday night.

The will meet and the two sides will sign economic agreements worth $20 billion, according to the official, who did not elaborate in which sectors or projects the investments will be made.

However, Prime Minister's on Commerce and Investment told reporters on Monday that the two will sign agreements on oil, and

"It is very likely that an agreement for $3 billion facility on deferred payments will also be signed during the visit," Dawood said.

is facing an economic crisis with a budget deficit that has escalated to 6.6 per cent of the Gross Domestic Product, a trade deficit and a shortage of foreign currencies.

It is in talks with the for a loan of up to $12 billion.

In October last year, promised to give Pakistan a $3 billion loan for a year as well as on deferred payment.

The also announced in December that it would deposit $3 billion in Pakistan's central

also known as MBS comes to Pakistan as his global image has taken a hit after the brutal murder of in October at the in The visited the consulate to collect some documents needed to marry his girlfriend.

Turkish authorities alleged that a team of 15 Saudi agents, who travelled to Istanbul, strangled the and dismembered his body before boarding a flight back to

After initially refuting the accusations, admitted that Khashoggi was killed at its Embassy but continues to deny the involvement of the royal family. Several people linked to the case have been arrested.

However, none of this seems to weigh on the Crown Prince's upcoming visit to Pakistan, whose Foreign Ministry appreciated the commitment of the to initiate indictment proceedings against those responsible for Khashoggi's murder.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 18:56 IST
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