The Saudi Royal Family has pledged investment worth approximately $20bn USD with its close ally Pakistan, which is struggling with a fragile economy and negative growth.
The deals were announced during the Crown Prince’s visit to the stricken country, which is part of his “Asian Tour”, and include around 8bn in funding for a new oil refinery in the city of Gwadar.
Pakistan has been suffering a serious economic crisis of late, and has almost exhausted its foreign reserves, and is looking to international backers for support.
The Prime Minister Imran Khan has been seeking help from friendly countries in order to reduce the enormity of the bailout package his country is likely to require from the IMF.
Imran Khan, who is considered a close ally of MBS, is now seeing the country’s 13th bailout since the late 1980s- the Saudi Royal Family have previously provided an unrepaid $6bn loan.
