Saudi Crown Prince to visit Pakistan

Saudi Crown Prince Mohammed bin Salman is expected to arrive in Pakistan for a brief visit and is likely to announce investment projects worth about $15 billion in the cash-strapped country, a media report said yesterday.The dates of his visit are being discussed and considered for finalisation. Pakistan, reeling under severe financial crisis, has reached out to some countries for economic assistance including Saudi Arabia, China and the UAE since Prime Minister Khan assumed office in August.

In October, Saudi Arabia agreed to provide a $6 billion package to Pakistan to support its economy.The package included $3 billion balance of payments support and $3 billion in deferred payments on oil import.Pakistan on Sunday said the UAE has "almost finalised" investment plan for the setting up of an oil refinery in the country as the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan met Prime Minister Khan.

Information Minister Fawad Chaudhry said the UAE had already promised to provide $3 billion assistance and the Crown Prince also discussed investment to set up an oil refinery.Pakistan is negotiating a $8 billion bailout package from the International Monetary Fund (IMF) to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.

---PTI, Islamabad