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Incoming investment package from Saudi Arabia to be ‘biggest in Pakistan’s history’, says Foreign Minister

Pakistan’s Foreign Minister Asad Umar has said that the incoming investment package from Saudi Arabia, which promises to be “the biggest foreign investment in Pakistan history” will be announced soon.

According to a report in the Dawn, “The ball is in our court. We have to get cabinet approval next week, after which an announcement will be made,” he said, addressing an event in the country’s capital Islamabad.

He added that he keeps getting messages from Saudi Crown Prince Mohammad Bin Salman “through other people to hurry up”.

Pakistan and Saudi Arabia have been in talks recently over a bailout package for Islamabad.

Recently, Saudi Arabia Tuesday pledged a $6 billion package to Pakistan to uplift it’s stagnant economy. The package includes $3bn balance of payments support and another $3bn in deferred payments on oil imports.

The Foreign Office in a statement had said: “A MoU was signed between the Finance Minister Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan. It was agreed Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support.”

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