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Saudi Crown Prince to visit Pak, likely to announce USD 8 billion investment projects

Press Trust of India  |  Islamabad 

Saudi Crown is soon expected to arrive in for a brief visit and is likely to announce investment projects worth about USD 15 billion in the cash-strapped country, a media report said Tuesday.

The dates of the Kingdom's de-facto ruler are currently being discussed and considered for finalisation, Geo reported, quoting diplomatic sources.

The report said it was likely that the powerful will announce investment worth almost USD 15 billion in

Pakistan, reeling under severe financial crisis, has reached out to some "friendly countries" for economic assistance including Saudi Arabia, and the UAE since assumed office in August.

In October, agreed to provide a USD 6 billion package to to support its ailing economy.

The package included USD 3 billion balance of payments support and USD 3 billion in deferred payments on

Pakistan on Sunday said the UAE has "almost finalised" investment plan for the setting up of an in the country as the Crown of Abu Dhabi Sheikh Mohammed bin Zayed bin met

said the UAE had already promised to provide USD 3 billion assistance and also discussed investment to set up an

Pakistan is negotiating a USD 8 billion bailout package from the (IMF) to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.

Pakistan apprehends the IMF will come with stringent conditions of austerity besides scrutiny of USD 60 billion China-Pakistan Economic Corridor projects whose terms till now remained confidential.

The is making all efforts to ensure that any IMF loan to Pakistan is not used to repay its Chinese debt.

The announcement of the Crown Prince's visit comes in the wake of Saudi dissident Jamal Khashoggi's killing inside the kingdom's consulate in

has faced intense global criticism for the killing.

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

First Published: Tue, January 08 2019. 14:55 IST