High-level Saudi delegation arrives in Pakistan

A high-level delegation from Saudi Arabia arrived in Islamabad on Wednesday as agreements worth $2 billion are likely to be signed between Pakistan and KSA.

The delegation led by Saudi Arabia's Minister of Investment Khalid Al-Falih has arrived ahead of the Shanghai Cooperation Organisation (SCO) summit, which is also taking place in Islamabad later this month.

Energy Minister Musadik Malik, Commerce Minister Jam Kamal Khan and Privatisation Minister Abdul Aleem Khan received the delegation at the Noor Khan Airbase.

According to the schedule, the Saudi delegation will hold business-to-business meetings with Pakistani companies, and several agreements will be signed during the visit.

Saudi companies of construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.

The Saudi investment minister will address a business forum at a local hotel in Islamabad as well as hold talks with senior leadership of Pakistan's private sector.

A day earlier, Prime Minister Shehbaz Sharif said that "Pakistan is expected to sign agreements and MoUs worth $2 billion with Saudi Arabia" in various sectors during the upcoming visit.

The cash-strapped nation is looking to attract foreign investment as the government has, after several belt-strapping moves, stabilised the economy, which pushed inflation to its highest recently.

Pakistan has already received a loan from the International Monetary Fund (IMF), which has further stabilised the economy and brought down inflation.

The administration has further secured a commitment of foreign loans amounting to $3.2 billion from international creditors including Saudi Oil Facility (SOF) of $1.2 billion for the next 12 months.