PM Shehbaz Sharif announces that Pakistan could receive a $1 billion investment from Saudi Arabia

Prime Minister of Pakistan Shehbaz Sharif has announced that the country could receive an investment of $1 billion from Saudi Arabia.

During a speech, the PM asked businessmen to voice their problems and concerns, saying that there is a need to analyze the economic situation of the country with patience. He also requested the business community to provide solutions to the fluctuation of the current currency against the United States (US) dollar.

”I am not here for political point-scoring,” PM Shehbaz Sharif clarified. He went on to say that when he took oath, the rate of the dollar against the Pakistani currency was 189.

”The Rs60 to Rs65 increase in the rupee value against the greenback wasn’t the coalition government’s fault,” the Premier said. He added that when the former government speculated they may be ousted, they reduced petroleum prices despite an increase in price in the international market. This was against the conditions of the International Monetary Fund (IMF).

According to PM Shehbaz, the PTI government took loans of Rs22,000 billion during its tenure, which was an 80% increase from 2018. Many powerful ‘echelons’ also backed their ‘favorite person.’ While talking about his decision to ban imported items, he said that though he did ban them for some time, he did no increase tax duties as the elite class would still have been able to purchase them after paying the additional taxes.

PM Shehbaz Sharif said that Pakistan can’t afford to buy gas worth $20 billion, which is why the country has to shift to solar and wind energy. With the help of green energy, the country will be able to save its funds.

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