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.<\/p>\n\n\n\n
“We are currently finalizing extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.<\/p>\n\n\n\n
Last year, Saudi Arabia deposited $3 billion to the State Bank of Pakistan (SBP) to support the foreign exchange reserves.<\/p>\n\n\n\n
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.”<\/p>\n\n\n\n
Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The IMF is likely to conclude ongoing talks over a 7th review in Doha.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":1,"featured_media":2716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2715","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n