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Friday, March 29, 2024  
18 Ramadan 1445  

Saudi Arabia finalising extension of $3 bln deposit to Pakistan: Saudi finance minister

The minister says Pakistan is an important ally and the kingdom will stand behind the country
Saudi Minister of Finance Mohammed al-Jadaan. File photo
Saudi Minister of Finance Mohammed al-Jadaan. File photo

DAVOS: Saudi Arabia is finalising the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.

“We are currently finalising extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.

Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves.

Jadaan did not offer further details, but on May 1 the two countries said in a joint statement that they would discuss the possibility of supporting the deposit by extending its term “or through other options.”

Pakistan is in dire need of external finances, hurt by high inflation, reserves declining to as low as less than two months of imports, and a fast-weakening currency.

Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.

Uncertainty over the revival of an International Monetary Fund programme has compounded volatility in the economy and markets amid a political crisis since a new government took over last month from ousted Prime Minister Imran Khan.

The IMF is likely to conclude ongoing talks over the 7th review in Doha.

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