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Saudi Arabia, Pakistan to discuss possible support for kingdom's $3b deposit

01 May, 2022
Saudi Crown Prince Mohammed bin Salman meets Prime Minister Shehbaz Sharif upon his arrival in Jeddah, Saudi Arabia, April 29, 2022. Photo via Twitter/@PakPMO
Saudi Crown Prince Mohammed bin Salman meets Prime Minister Shehbaz Sharif upon his arrival in Jeddah, Saudi Arabia, April 29, 2022. Photo via Twitter/@PakPMO

Saudi Arabia and Pakistan will discuss the possibility of supporting the kingdom's $3 billion deposit in Pakistan's central bank by extending its term "or through other options," a joint statement carried by Saudi state news agency SPA said on Sunday.

Last year, Saudi Arabia deposited $3 billion in Pakistan's central bank to help support its foreign reserves. With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, the South Asian nation is in dire need of external finances.

Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives, SPA reported.

The statement came after a visit by Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.

PM Shehbaz admired Crown Prince Mohammed bin Salman leadership and thanked him for according a warm welcome and for always standing with Pakistan.

They also discussed ways and means to further strengthen the bilateral relationship in all areas.