Saudi Arabia announces investing $1 billion in Pakistan, just a day after Qatar promised to invest $3 billion in the South Asian country
Saudi and other allies have promised help to Pakistan, which is in political and economic turmoil with foreign reserves having dropped as low as $7.8 billion.
The Saudi Foreign Ministry said in a statement on Thursday that King Salman bin Abdulaziz has issued investment orders to help Pakistan's economy. Local media claimed last week that Islamabad has planned to sell two LNG-fired power plants to Qatar, as well as 51 percent shares in the Roosevelt Hotel in New York and Pakistan International Airlines.
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