Saudi foreign minister to visit Pakistan to boost economic cooperation

A Saudi Arabian delegation, led by foreign minister Prince Faisal bin Farhan bin Abdullah, will visit Pakistan on Monday and Tuesday as part of efforts to boost economic cooperation, Pakistan's foreign ministry said in a statement on Sunday.

The visit takes place to expedite follow-up on the understanding reached between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah to enhance economic cooperation between the two countries, the foreign ministry said.

Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its current account deficit and signal to the International Monetary Fund that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages.

Pakistan has lately also been trying to secure Saudi investment in industries ranging from agriculture to mines, minerals and aviation.

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