Planning Minister Ahsan Iqbal said on Tuesday that Saudi Arabia was likely to invest $5 billion in Pakistan.

Addressing the Business Summit in Islamabad, Iqbal said: "Prime Minister Shehbaz Sharif will visit Saudi Arabia soon. The Saudi crown prince is likely to visit following the premier visit to Saudi Arabia."

"The annual revenue of the country is Rs 7,000 billion. This time around, we need Rs 8,000 billion to pay the loans," Iqbal added.

Stressing the need for expanding investment, Iqbal said: "Pakistan needs to expand exports and investment."

He emphasised the need for political stability, saying, "There is a dire need to embrace political continuity."

"Pakistan can become a $2,000 billion economy by 2047 with seven percent economic growth," he maintained.

Calling for joint efforts to foster the country's economy, Iqbal said: "Lets join hands in a bid to make the country a $3 trillion economy."

Speaking about the China-Pakistan Economic Corridor (CPEC), Iqbal said: "The talks with China are underway to accelerate the second phase of the China-Pakistan Economic Corridor.".

"The talks with United Arab Emirates (UAE), Kuwait, and Qatar are also underway for the investment," Iqbal maintained.

– Senate Chairman Gillani highlights climate change issues –

Separately, Senate Chairman Yousuf Raza Gillani underlined the challenges faced by the country due to climate change.

Addressing the Leaders Summit in Islamabad, Gillani stressed the need for uplifting the social sector, saying, "There is a need to strengthen the social sector for the assistance of the poor segment of society."

He acknowledged the Benazir Income Support Programme (BISP), saying, "The assistance is being provided to the marginalised class through the BISP. The BISP is a lifeline for the poor."

Highlighting the challenges posed by the population, Gillani said: "The rapid population growth leads to the challenges for the country."