Saudi participation in Pakistan donor conference is affirmation of solidarity: Cabinet
Saudi Arabia’s participation in the International Conference on Climate Resilient Pakistan is an affirmation of the Kingdom’s solidarity with the country, the Cabinet said on Tuesday.
Saudi participation in the conference that took place in Geneva on Monday is an extension of the Kingdom’s support for and contribution to providing humanitarian relief to those affected by devastating floods that swept the country last year, the Cabinet heard.
The Kingdom could increase its investments in Pakistan’s economy to $10 billion and increase the ceiling on deposits into Pakistan’s central bank to $5 billion, Saudi Press Agency reported on Tuesday.
Saudi Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10 billion, from the previous $1 billion announced in August.
Prince Mohammed also asked the Saudi Development Fund to consider raising the ceiling for Saudi deposits into Pakistan’s central bank as part of measures to support its struggling economy.
The conference brought together the international community to reaffirm solidarity with Pakistan, to review the recovery needs of the affected population, and to identify support required to reconstruct and rehabilitate damaged infrastructure in a resilient manner.
A combination of heavy rains and flash flooding since June 2022 has led to an unprecedented natural disaster in Pakistan.
Floods have affected 33 million people, with more than 1,730 lives lost as well as 2 million housing units impacted, and several thousands of schools and hospitals damaged or destroyed.
International donors committed over $9 billion to help Pakistan recover from the floods on Monday.