$2bn MoUs likely as Saudi delegation arrives in Pakistan

Islamabad: A high-level Saudi business and investment delegation has arrived Wednesday in Pakistan amid expectations that Riyadh and Islamabad will ink bilateral agreements worth $2 billion.

The delegation led by Saudi Arabia's Minister of Investment Khalid Al-Falih arrived in Pakistan ahead of the Shanghai Cooperation Organisation (SCO) summit in Islamabad later this month.

Energy Minister Musadik Malik, Commerce Minister Jam Kamal Khan and Privatisation Minister Abdul Aleem Khan received the delegation at the Noor Khan Airbase.

Saudi delegation will hold business-to-business meetings with Pakistani companies, and several agreements will be signed during the visit.

Saudi companies from various sectors including construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum are part of the visiting delegation.

The development comes after the approval of a $7 billion new loan programme by the International Monetary Fund's (IMF) Executive Board last month which was subsequently followed by the receipt of first tranche of $1.03 billion (SDR 760 million).