Saudi Arabia hints at investing $24bn in Pakistan: Musadik

The KSA has already deposited $2bn in SBP

LAHORE (Web Desk) - Minister of State for Petroleum Musadik Malik has confirmed that Saudi Arabia has hinted at investing $24 billion investment in Pakistan.

Talking to a local news channel, he said there were several avenues to invest in agriculture, energey and information technology.

Earlier, Finance Minister Senator Ishaq Dar had confirmed during a press conference that Saudi Arabia had deposited $2bn in the State Bank of Pakistan (SBP).

The cash-strapped country is already struggling with high inflation, dwindling foreign direct invetsment (FDI) and foreign exchange reserves and debt restructuring challenges.

Foreign exchange reserves held by the State Bank of Pakistan dropped by $32 million to $8,153.8 million during the week ending on July 27 on account of debt repayments, the central bank said.

The total reserves of the country stood at $13,463.7 million including $5,309.9m held by commercial banks.