PM Imran arrives in Saudi Arabia to attend investment conference

Prime minister Imran Khan will also call on Saudi King Salman and Crown Prince Muhammad bin Salman

ISLAMABAD (Dunya News) - Prime Minister Imran Khan on Monday arrived in Saudi Arabia on the special invitation of King Salman bin Abdel Aziz, to participate in the two-day “Future Investment Initiative (FII),” conference scheduled to start on Tuesday (tomorrow).

The prime minister was accompanied by Minister for Foreign Affairs Shah Mehmood Qureshi, Finance Minister Asad Umer, Information Minister Chaudhry Fawad Hussain and Adviser to PM on Investment Abdul Razak Dawood will participate in the Future Investment Initiative being attended by top global investors, CEOs of top companies and representatives of the hi-tech industry.

Khan will aim to highlight the country’s economic potential and to attract investment. Prime Minister will also call on King Salman and Crown Prince Mohammed bin Salman to discuss matters of mutual interest.

The conference called "Davos in the Desert", will bring leading businessmen, investors, corporate giants, representatives of hi-tech industry and major media outlets at one platform.

Prime Minister Imran Khan s participation in first day of the conference is aimed at projecting Pakistan s economic and investment potential as well as its vision for the next five years.

The conference will provide an opportunity to him to interact with important business leaders who are interested in investing in Pakistan.

Prime Minister will attend and address a session titled "Pakistan, a hub of regional development and stability .

Chief executives of renowned companies and their representatives will attend the session.

Prime minister Imran Khan will also call on Saudi King Salman and Crown Prince Muhammad bin Salman and discuss matters of mutual interest.

Earlier, talking to media before leaving for KSA, PM Imran said that we have the worst debt crisis in our history. 

"Unless we get loans from friendly countries or the IMF (International Monetary Fund), we actually won t have in another two or three months enough foreign exchange to service our debts or to pay for our imports. So we re desperate at the moment."

The premier said that they wish to take loan from Saudi Arabia for the betterment of country’s economy.

Khan said that Pakistan only has foreign reserves of two to three months.

Islamabad has already asked the IMF to open negotiations for the country s second potential bailout in five years.

Khan, who took office in July, still has been seeking alternatives to the tough conditions the IMF is likely to impose for loans, limiting his vision of an Islamic welfare state.

The central bank s foreign reserves dropped this month to $8.1 billion, a four-year low and barely enough to cover sovereign debt payments due through the end of the year. The current account deficit has swelled to about $18 billion.

Khan has blamed the previous government s policies for the ballooning current account deficit.