Pakistan's caretaker Prime Minister Anwar ul-Haq Kakar announced on Monday that Saudi Arabia will invest approximately $25 billion in Pakistan over the next five years in various sectors. He added that his government will revive the currently stalled privatization process.
The South Asian nation has begun a difficult path towards economic recovery under a caretaker government, having successfully avoided sovereign debt default thanks to a $3 billion loan approved by the International Monetary Fund in July.
Kakar told reporters from his official residence that Saudi investments will focus on mining, agriculture, and information technology, which are part of a campaign to increase foreign direct investment in Pakistan. The Saudi government has not yet responded to Reuters' request for comment on Kakar's statements. If confirmed, these investments would be the largest ever made by Saudi Arabia in Pakistan.
