Four countries pledge $27 billion investment in Pakistan through SIFC: Ahsan Iqbal

ISLAMABAD: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal announced that four countries have committed $27 billion for investment in Pakistan through the Special Investment Facilitation Council (SIFC).

In a press conference held in Lahore on Saturday, Iqbal revealed that the investments come from Saudi Arabia, the UAE, Kuwait, and Azerbaijan. Saudi Arabia has pledged $5 billion, while the UAE and Kuwait have each allocated $10 billion, and Azerbaijan has contributed $2 billion.

According to Dawn, Iqbal highlighted that this initiative aligns with Prime Minister Shehbaz Sharif’s vision to attract investments from friendly nations rather than relying on loans.

The minister explained that the investments are expected to materialise over the next two to four years, as the government is currently focused on developing feasibility studies for various projects.

Iqbal also stated that Pakistan is seeking trade rather than loans from China and Saudi Arabia, acknowledging their longstanding support. He mentioned ongoing discussions with the IMF, with a final agreement anticipated soon.

He said that the current period is not suitable for protests or unrest and encouraged any party with an economic recovery plan to collaborate with the government.

Addressing the energy crisis, Iqbal assured that it would be resolved within a year and pledged to reduce inflation to a single digit by year-end. He also called for an investigation into irregularities in the Engineers Council elections, citing difficulties he faced during the voting process.

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