30 months on, Saudi $1.5b gift to Pakistan unspent

1163331-PrimeMinisterSharifwithHisMajestyKingSalmanbinAbdulAziz-1471317711-1000-640x480news455s4f5f4ISLAMABAD: A generous Saudi contribution of $1.5 billion to Pakistan remains unutilised after almost 30 months because of bureaucratic snags and difficulties in finding an equity partner.

The Pakistan Development Fund was set up with Saudi Arabia’s assistance in early 2014. The government has not even appointed a full-time chief executive officer (CEO) for the company set up to channel the funds, The Express Tribune has learnt from sources in the finance ministry.