In a recent development, Saudi Arabia has dispatched its top diplomat to Pakistan with an entourage of officials for a two-day stint, as Pakistan grapples with a severe financial crunch. Aiming to provide assistance, the kingdom’s envoy is set to engage in critical discussions with Pakistan’s leadership.
The visit by Prince Faisal bin Farhan follows a series of engagements between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia holds significant stature as a key ally and oil provider for Pakistan.
During his stay, Prince Faisal is scheduled to hold talks with Sharif and President Asif Ali Zardari. The Saudi commitment to invest $5 billion in Pakistan was a significant announcement made during Sharif’s earlier visit to the kingdom.
This financial gesture builds on Saudi Arabia’s previous support, which included a $2 billion deposit to Pakistan’s central bank last year to shore up its foreign currency reserves.
Simultaneously, Pakistan is engaging in negotiations with the International Monetary Fund, seeking another bailout to navigate through its economic turmoil.