The Express Tribune reported Saturday that Pakistan’s Private Investment Facilitation Board has tentatively approved 28 billion dollars in projects for Arab Gulf countries to invest in, including the Diamir-Bhasha Dam and Rico Deq mining operations in Chagai, Baluchistan.
The approved projects to be offered to Saudi Arabia, the UAE, Qatar, and Bahrain surpass $28 billion in investments. Aramco will receive a $10 billion oil refinery.
In the middle of this month, the Central Bank of Pakistan announced that foreign exchange reserves almost doubled to $8.73 billion due to money from the International Monetary Fund, friendly countries, including a $2 billion Saudi deposit at the central bank, and from the UAE worth $1 billion.
The money relieves the Pakistani government’s $25 billion external debt for the current fiscal year. It also alleviates the dollar problem and supply shortages.
The new board authorised food, agricultural, information technology, mining, oil, and new energy investments.
In addition to the Gulf states, Islamabad and Beijing expected to invest $62 billion in the China-Pakistan Economic Corridor, but only $28 billion has been invested so far. The publication reports that Pakistan is prioritising Chinese investment in the Diamir-Bahsha Dam.
Last Monday, Pakistan’s parliament amended two military and investment board legislation to expedite investment projects with preliminary clearances.
Unnamed government officials told the Express Tribune that 23 nations will promote these projects, although Saudi Arabia, the UAE, Qatar, and Bahrain will be the major emphasis.
The Private Investment Facilitation Board is preparing another “improbent” statute for Pakistan’s national wealth fund, which will support joint ventures with other nations.
Pakistan narrowly escaped national debt default last month after the prime government and military took dramatic economic measures.
Pakistan got $3 billion from the IMF’s Executive Board on July 12 to address its financial woes. This permits Pakistan to get $1.2 billion immediately.
The Supreme Committee of the Private Investment Facilitation Board authorised a 10,000-acre agricultural project in the Chulstan Desert, extendable to 85,000.
The Pakistani publication reported that Qatar wants this agricultural project for food security.
The private investment facilitation board also authorised a $10 billion Saudi Aramco oil refinery and the Tabi gas pipeline project.
Islamabad has also identified multibillion-dollar energy projects for Gulf governments to invest in, including the Diamir-Basha Dam and the second Thar mine coal mining patch.