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Saudi crown prince’s visit to ease Pakistan’s financial crunch: Financial Times

ISLAMABAD: Renowned international publication Financial Times says the upcoming visit of Saudi crown prince Mohammed bin Salman to Islamabad will further ease the financial crunch being faced by Pakistan, Radio Pakistan reported on Thursday.

In an article, the English daily says the visit of MBS comes in the backdrop of negotiations with the International Monetary Fund (IMF) reaching at a stage where Pakistan is very close to having an agreement with the international fund.

The article quotes dean of the School of Advanced International Studies at Johns Hopkins Vali Nasr who calls it a new chapter for Pakistan. He said the economy is under less pressure today thanks to the decline in oil prices, which has slowed the pace at which Pakistan was running out of foreign exchange reserves.

Read more: Here is how government is planning to welcome Prince Mohammad bin Salman

Chief economist for DBS in Singapore Taimur Baig said Pakistan’s currency has also dropped by about 30 per cent against the US dollar since late 2017, making the country’s exports more competitive.

The crown prince will arrive in Pakistan on the invitation of Prime Minister Imran Khan on February 16 (Saturday).

The Saudi crown prince’s two-day visit of Pakistan will further promote mutual cooperation between the two countries, Foreign Office Spokesman Dr Muhammad Faisal said.

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