Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday. Saudi King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, state TV added. According to Al-Arabiya News, Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan informed his Pakistani counterpart, Bilawal Bhutto-Zardari, of the decision during a phone call. “King Salman bin Abdulaziz ordered investing $1 billion in the brotherly [country] of Pakistan [in line with] the Kingdom’s stance in support of the country’s economy and its people,” SPA reported. The foreign ministers also discussed bilateral ties and means to improve them as well as regional and international affairs of mutual interest, the report added. Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports. It is also contending with a widening current account deficit, weakening rupee currency, and inflation that exceeded 24% in July. The International Monetary Fund (IMF) had asked Pakistan to bridge a $4 billion financing gap and Pakistan was able to get friendly countries – Saudi Arabia, UAE, and Qatar – to help meet the requirement. Saudia Arabia will also provide $1 billion in oil financing to the South Asian nation and the UAE will give a similar amount to the country. It is noted that Qatar’s Emiri Diwan already on Wednesday confirmed that the Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan lending support to the South Asian nation’s cash-strapped economy. “The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” Emiri Diwan said, without giving details. The announcement was made during a visit to Doha by Prime Minister Shehbaz Sharif, who held official talks with Qatari Ameer Sheikh Tamim bin Hamad al-Thani on Wednesday after a meeting with the QIA on Tuesday. “His Highness stressed the importance of the brotherly and strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority,” Emiri Diwan said. Bloomberg reported that Qatar’s $445 billion sovereign wealth fund was currently assessing the strategic investments in the key economic sectors of the South Asian nation. It added that people familiar with the matter said that the investments might be in Pakistan’s “main airports in Islamabad and Karachi, as well as in the renewable energy, power and hospitality sectors”.