ISLAMABAD/RIYADH – Pakistan’s time-tested friend, Saudi Arabia announced toinvest $1 billion in the South Asian country to support its dilapidatingeconomy.

A statement issued by Saudi Press Agency said the Custodian of the Two HolyMosques King Salman bin Abdulaziz Al Saud directed to invest an amount ofone billion dollars in the sisterly Republic of Pakistan, in confirmationof the Kingdom’s position in support of the economy of the Republic ofPakistan and its brotherly people.

Prince Faisal bin Farhan bin Abdullah and Pakistan’s Foreign MinisterBilawal Bhutto Zardari discussed details of the investment.

Mr Bhutto also shared a tweet, expressing pleasure for having aconversation with his Saudi counterpart. He also recalled fraternalbilateral ties and welcomed Kingdom’s commitment to investment.

Kingdom announced to help Islamabad, a day after Qatar Investment Authorityannounced that it aims to invest about $3 billion in different sectors inPakistan.

Pakistan Prime Minister Shehbaz Sharif, recently visited Doha where he heldtalks with Qatari Emir Sheikh Tamim bin Hamad al-Thani and other officials.

Sharif’s visit to the Gulf nation precedes an IMF meeting next week that isexpected to approve more than the first tranche in financing that wasstalled since the beginning of this year.