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Tuesday November 29, 2022

Pakistan likely to secure over $4bn bailout package amid Saudi crown prince’s visit: sources

Muhammad bin Salman’s visit to Pakistan is tentatively scheduled for November 21

By Azaz Syed
November 07, 2022
Prime Minister Shahbaz Sharif and Saudi Crown Prince Mohammed Bin Salman at the Royal Palace.— APP/ File
Prime Minister Shahbaz Sharif and Saudi Crown Prince Mohammed Bin Salman at the Royal Palace.— APP/ File

ISLAMABAD: Saudi Arabia’s Crown Prince Muhammad bin Salman (MBS) will undertake Pakistan’s visit at the end of the current month during which Islamabad hopes to secure over $4 billion bailout package from Riyadh, claimed diplomatic sources Monday.

Muhammad bin Salman’s visit is tentatively scheduled for November 21.

Prince Salman’s special security detail is likely to arrive in Islamabad by the end of this week to review the security arrangements for final approval.

Moreover, Saudi Arabia is also expected to make solid investments in Pakistan. Sources also informed that a number of Pakistan-Saudi petroleum agreements are being finalised for signing during the visit of his excellency.

The government is also counting on a likely agreement that will help round up financial support from Saudi Arabia for the establishment of a state-of-the-art refinery in Gwadar.

The refinery, to be built at a cost of $10 billion, will be co-financed by Saudi and China.

According to sources, initially, Chinese companies will run the operations of the refinery after the completion of the project.

The sources, however, added that so far things looked fine but a spike in political noise could affect the Saudi crown prince’s itinerary.