Saudi Arabia’s crown prince Mohammad Bin Salman has signed $20 billion worth agreements with Pakistan. The prince is currently on a trip to China and South Asia, and made his first stop at Pakistan yesterday. Currently, Pakistan is facing a major debt and payment crisis scenario, and this deal comes as a big boost for the nation.
Pakistan’s central bank currently holds a meager reserve of just $ 8 billion and is currently reeling under a massive financial crisis involving payments. With plans on to seek help from International Monetary fund, Prime Minister Imran Khan has been seeking help from friendly nations so as to minimize the bailout package required from IMF.
In the deal between the Saudi Prince and Pakistan, several important memorandums were signed, in petrochemical, mining and energy sectors, and also have plans to setup an oil refinery at Gwadar worth $8 bn. Prince Mohamad Bin Salman will visit India tomorrow, followed by China on Wednesday and Thursday.
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