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Saudi Arabia's Foreign Minister due in Pakistan tomorrow

11:06 PM | 14 Apr, 2024
Saudi Minister

A Saudi Arabian delegation, headed by Foreign Minister Prince Faisal bin Farhan bin Abdullah, is set to undertake a significant visit to Pakistan on Monday and Tuesday, according to a statement from Pakistan's foreign ministry released on Sunday.

The Objective

The primary objective of the visit is to expedite the implementation of agreements reached between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah. The focus lies on enhancing economic cooperation between the two nations, with an emphasis on boosting investment and trade relations.

Upcoming Investment

During Prime Minister Shehbaz Sharif's meeting with the crown prince last week, discussions revolved around accelerating a planned $5 billion investment package. This package holds critical importance for Pakistan, as it aims to address the country's current account deficit and demonstrate to international financial institutions, including the International Monetary Fund (IMF), Pakistan's commitment to meeting financial obligations, a pivotal requirement in previous IMF bailout agreements.

In addition to financial assistance, Pakistan is actively seeking Saudi investment across various sectors, including agriculture, mines, minerals, and aviation. The visit of the Saudi delegation is expected to further solidify these investment plans and explore new avenues for economic collaboration between the two countries.

Saudi Arabia has expressed its commitment to invest up to $25 billion in diverse sectors within Pakistan over the next two to five years. This substantial investment is poised to play a transformative role in bolstering Pakistan's economic landscape and fostering long-term prosperity for both nations.

The visit of the Saudi Foreign Minister and his delegation highlights the importance of strengthening bilateral ties and fostering mutually beneficial partnerships in the realm of economic cooperation. It represents a significant step forward in the journey towards realizing the shared goals of prosperity and development for Pakistan and Saudi Arabia.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 19 May 2024

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 19 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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