S. Arabia mulls boosting investment in Pakistan to $10bn

Saudi Arabia said it could increase its investments in Pakistan’s economy to $10 billion, the Saudi state news agency reported on Tuesday, as well as increase the ceiling on deposits into the State Bank of Pakistan (SBP) by $2bn, to $5bn. Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10bn from the previous $1bn announced in August, the news agency reported, citing a statement from the crown prince. He has also asked the Saudi Development Fund (SDF) — which provides soft loans and grants to developing countries as a means to bolster allies and cement new relationships — to consider raising the ceiling for Saudi deposits into the SBP as part of measures to support the struggling economy. Last month, the Saudis extended the terms of an existing $3bn deposit in the SBP it made in 2021. Tuesday’s statement comes a day after the crown prince met with Army Chief Gen Syed Asim Munir to review ways to enhance bilateral ties and strengthen cooperation.