Islamabad: Pakistan and Saudi Arabia are likely to sign a Memorandum of Understanding (MOU) of more than $ 10 billion (14,00,90,90,00,00,000 Pakistani rupees) this month. It was announced during the second meeting of Is of Doing Business (EODB). The meeting was chaired by Prime Minister Imran Khan on Wednesday.
Talking to Dawn News after the meeting, Finance Minister Asad Umar said that Saudi Prince Mohammed bin Salman bin Abdulaziz will visit Pakistan next month. Omar said that most of the MOUs are expected to be signed during Saudi Prince's visit.
Board of Investment (BOI) Chairman Haroon Sharif said that Saudi Arabia has an interest in Pakistan's four sectors. It includes oil refinery, petrochemical, renewable energy and mining. He said, "According to a survey, 65 percent of the investment will be in the commercial center of Karachi and 35 percent in Lahore."
This $ 10 billion investment will be in addition to the $ 6 billion package given to Saudi Arabia by Pakistan, which was agreed during Prime Minister Imran Khan's visit to Saudi Arabia in October 2018. Similarly, Pakistan will sign MOU with China, United Arab Emirates (UAE) and Malaysia in the next two months.
'Imran is seeking beggars'
Let us tell you that before the Chief Minister of Sindh province of Pakistan, Murad Ali Shah said that Prime Minister Imran Khan has been roaming around the world for his country struggling for cash and is begging for financial help. Addressing a rally in Badin's Matali on Sunday, the leader of the Pakistan People's Party (PPP) Shah said, "Imran Khan (economic aid) is going from one country to another country to beg."
According to Sama TV's report, Shah said that those who have no experience of politics have been included in the government. The United Arab Emirates (UAE) on January 5 decided to give Pakistan a $ 6.2 billion package to help resolve its challenge of its balance of payments.
Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of United Arab Emirates (UAE) was on a tour of Pakistan on Sunday. During this time, he finalized the deal of financial assistance of about 434 billion rupees to strengthen Pakistan's weak economy by UAE side. The UAE has helped Pakistan at such times when it is trying to get out of the $ 560 billion bailout package from the International Monetary Fund (IMF).
Due to increasing loan, there has been a crisis of balance of payment on Pakistan, which has weakened the economy there. The total assistance amount will not be given in the cache by UAE. Some cash assistance and some imported oil will be given in the form of repayment later. The kind of help UEI provided to Pakistan has helped Saudi Arabia before Pakistan.
The package given by UAE was finalized on Thursday, about which a cabinet minister from Pakistan gave information. The amount of money that Pakistan has been given from Saudi Arabia and UAE is 60 percent of Pakistan's total oil imports. With the exemption from the immediate expenditure of such a huge amount as oil imports, Pakistan will be able to strengthen its economy. Earlier, China has also announced financial assistance to Pakistan.
However, there is no information about how many crores of rupees will be given to Pakistan. At the same time, US President Donald Trump wants to ensure that Pakistan does not have to repay its loan to China from loans from IMF. America believes that China's debt on Pakistan is responsible for the weakness of its economy.