Saudi Finance Minister Mohammed al-Zadan told Reuters that Saudi Arabia was finalizing the expansion of the state’s 3 3 billion deposit in Pakistan.
“We are currently finalizing a বাড় 3 billion deposit increase in 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 support its overseas reserves.
Jadan did not elaborate, but on May 1 the two countries said in a joint statement that they would discuss the possibility of extending the deposit “or through other options”.
Pakistan is in dire need of foreign exchange, hurt by high inflation, reserves have fallen in less than two months of imports and a fast-weakening currency.
Jadan said Pakistan was an important ally and the state would stand behind the South Asian nation.
Uncertainty over the resumption of the International Monetary Fund (IMF) program has fueled economic and market instability amid a political crisis since a new government took office from ousted Prime Minister Imran Khan last month.
The IMF will probably end the ongoing discussions on the 7th review in Doha.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)