Saudi Arab Extending $3 Billion Deposits Pakistan

Web Desk — Saudi Arabia is finalizing the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.

“We are currently finalizing 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 to the State Bank of Pakistan (SBP) to support the foreign exchange 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.”

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 a 7th review in Doha.