Important developments related to the expected visit of the Saudi King to Pakistan

Pakistan has accepted Saudi Arabia's condition for funds, the federal cabinet has approved tax exemptions for Saudi-funded projects, signing of 4 agreements with Saudi Arabia has also been approved.

Friday 18 November 2022

Islamabad (news world, Latest News, November 17, 2022) An important development has been revealed regarding the expected visit of Saudi Crown Prince Muhammad Salman to Pakistan. Pakistan has accepted Saudi Arabia's condition for funds. Tax exemptions were demanded. The federal cabinet approved tax exemptions for Saudi funded projects. The signing of 4 agreements with Saudi Arabia was also approved.

The proposals were approved through circulation from the Federal Cabinet. The $240 million deal for Mohmand Dam was finalized. Saudi Arabia has decided to give $382 million to Pakistan for 4 projects. Saudi Arabia has made the funding subject to tax exemption. Govt. Saudi Arabia is taking necessary steps to give tax exemption to funds.

According to government sources, Pakistan and Saudi Arabia will soon sign agreements.

There is a plan to sign agreements in the expected visit of Saudi Arabia to Pakistan. On November 5, Finance Minister Ishaq Dar said that China and Saudi Arabia have assured to provide a package of 13 billion dollars to Pakistan. In an informal conversation with journalists. Former Finance Minister Ishaq Dar said that in the current fiscal year, China will provide 8.8 billion dollars in support including debt rollover.

He said that China will roll over the return of deposits worth 4 billion dollars, in addition to providing Chinese commercial loans worth 3.3 billion dollars to Pakistan, China will provide additional financing of 1.45 billion dollars. Ishaq Dar said that Saudi Arabia is likely to provide an additional $4.2 billion, including $3 billion in additional reserves and an oil facility on deferred payment. Saudi Arabia will build a petrochemical complex in Gwadar.

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