The signing comes as caretaker prime minister Anwaar-ul-Haq Kakar is on a two-day visit to the Gulf state
- The signing comes during the prime minister’s two-day visit to Kuwait.
- Both sides reaffirm their commitment to strengthening ties.
- Memos to help struggling South Asian nation.
Pakistan on Wednesday signed several memoranda of understanding (MoUs) with Kuwait to attract multibillion-dollar investments from the Gulf country as the South Asian nation seeks foreign inflows to boost its ailing economy.
The signing came as caretaker prime minister Anwaar-ul-Haq Kakar visited the Gulf state for a two-day visit where leaders from both sides agreed to boost bilateral and economic ties, days after Islamabad signed several memorandums of understanding with the United Arab Emirates to attract billions of investment.
Pakistan’s economy is in dire straits with its foreign exchange reserves quickly depleting amid fewer inflows from foreign investors. Analysts also see the Pakistani rupee falling to 350 by the end of 2024, as the local unit is set to end this year as the worst-performing currency.
The country was on the brink of bankruptcy last year, but was averted after the International Monetary Fund (IMF) approved a short-term bailout on strict terms — pushing up inflation as Pakistan underwent several structural reforms, which saw an increase in natural gas. energy and gasoline prices.
A statement from the prime minister’s office said Kuwait’s interim prime minister and first deputy prime minister and interior minister Sheikh Talal Al-Khaled Al-Ahmad Al-Sabah underlined the importance of the historic brotherly ties between the two countries.
During the meeting they reaffirmed the desire to strengthen fraternal ties by turning them into a mutually rewarding economic cooperation. Chief of Army Staff General Asim Munir was also present at the meeting.
The leaders also witnessed the signing of seven agreements concluded to attract multi-billion dollar investment from Kuwait in various sectors of Pakistan — including food security, agriculture, hydel power, water supply, establishment of a mining fund to support mineral industry, technological zones development and conservation of mangroves.
In addition, three memorandums of cooperation were signed in the fields of culture and art, environment and sustainable development.
The leaders expressed great satisfaction with the progress of relations, agreed to remain in close contact and take swift steps to further strengthen and deepen Pakistan-Kuwait relations.
The prime minister called these agreements with Kuwait another milestone in the achievements brought to the country by the Special Investment Facilitation Council (SIFC) platform.
The caretaker prime minister also prayed for the good health of Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait.
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