Saudi Arabia plans to provide Pakistan with financial support, Saudi Minister of Finance Mohammed al-Jadaan said, as the kingdom looks to help shore up alliances with countries struggling with the effects of rising inflation.
The Saudi Arabian government is to “continue to support Pakistan as much as we can,” al-Jadaan said at a news conference in Riyadh.
The kingdom has taken several steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships.
Photo: AFP
Earlier this month, it extended the term of a US$3 billion deposit to boost foreign currency reserves and help Pakistan overcome economic repercussions of the COVID-19 pandemic.
Saudi Arabia is also looking to make more investments in Egypt and is planning to initiate deals in Turkey, al-Jadaan said.
“Our relationship with Turkey is improving greatly, and we hope to have investment opportunities,” he said. “We have started investing aggressively in Egypt and we will continue to look at investment opportunities and that is more important than deposits. Deposits can be pulled, but investments stay.”
Saudi Arabia is in the final stages of agreeing to deposit US$5 billion at Turkey’s central bank, the finance ministry said last month, a major boost for Turkish President Recep Tayyip Erdogan’s bid to keep the country’s currency stable ahead of presidential elections next year.
The agreement would crown a recent rapprochement that ended years of hostility between the Turkish and Saudi Arabian governments.
It also extended the maturity of a US$5 billion deposit with Egypt’s central bank last month, and the kingdom’s Public Investment Fund is also looking into US$10 billion of potential investments in Egypt’s healthcare, education, agriculture and financial sectors, the Egyptian Cabinet said in a statement.
The momentum of talks between the countries’ central banks comes after a joint effort by Saudia Arabia and Turkey to mend ties that were ruptured after the murder of Saudi Arabian journalist Jamal Khashoggi in 2018 at the kingdom’s Istanbul consulate.
Additional reporting by Reuters
END OF AN ERA: The vote brings the curtain down on 20 years of socialist rule, which began in 2005 when Evo Morales, an indigenous coca farmer, was elected president A center-right senator and a right-wing former president are to advance to a run-off for Bolivia’s presidency after the first round of elections on Sunday, marking the end of two decades of leftist rule, preliminary official results showed. Bolivian Senator Rodrigo Paz was the surprise front-runner, with 32.15 percent of the vote cast in an election dominated by a deep economic crisis, results published by the electoral commission showed. He was followed by former Bolivian president Jorge “Tuto” Quiroga in second with 26.87 percent, according to results based on 92 percent of votes cast. Millionaire businessman Samuel Doria Medina, who had been tipped
ELECTION DISTRACTION? When attention shifted away from the fight against the militants to politics, losses and setbacks in the battlefield increased, an analyst said Recent clashes in Somalia’s semi-autonomous Jubaland region are alarming experts, exposing cracks in the country’s federal system and creating an opening for militant group al-Shabaab to gain ground. Following years of conflict, Somalia is a loose federation of five semi-autonomous member states — Puntland, Jubaland, Galmudug, Hirshabelle and South West — that maintain often fractious relations with the central government in the capital, Mogadishu. However, ahead of elections next year, Somalia has sought to assert control over its member states, which security analysts said has created gaps for al-Shabaab infiltration. Last week, two Somalian soldiers were killed in clashes between pro-government forces and
Ten cheetah cubs held in captivity since birth and destined for international wildlife trade markets have been rescued in Somaliland, a breakaway region of Somalia. They were all in stable condition despite all of them having been undernourished and limping due to being tied in captivity for months, said Laurie Marker, founder of the Cheetah Conservation Fund, which is caring for the cubs. One eight-month-old cub was unable to walk after been tied up for six months, while a five-month-old was “very malnourished [a bag of bones], with sores all over her body and full of botfly maggots which are under the
BRUSHED OFF: An ambassador to Australia previously said that Beijing does not see a reason to apologize for its naval exercises and military maneuvers in international areas China set off alarm bells in New Zealand when it dispatched powerful warships on unprecedented missions in the South Pacific without explanation, military documents showed. Beijing has spent years expanding its reach in the southern Pacific Ocean, courting island nations with new hospitals, freshly paved roads and generous offers of climate aid. However, these diplomatic efforts have increasingly been accompanied by more overt displays of military power. Three Chinese warships sailed the Tasman Sea between Australia and New Zealand in February, the first time such a task group had been sighted in those waters. “We have never seen vessels with this capability
RSS