pakistan: Saudi Arabia finalising extension of $3 billion deposit to Pakistan

DAVOS: Saudi Arabia is finalizing the extension of the kingdom’s $3 billion deposit to PakistanSaudi Finance Minister Mohammed al-Jadaan told Reuters.
“We are currently finalizing the extension of the $3 billion deposit to Pakistan,” he said on the sidelines World Economic Forum in Davos.
Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to support the country’s foreign exchange reserves.
Jadaan did not provide 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 the term “or through other options.” choose another.”
Pakistan is in dire need of external financing, hit by high inflation, import stocks falling to their lowest in less than two months and a rapidly weakening currency.
Jadaan said Pakistan is an important ally and the kingdom will stand behind the South Asian nation.
Uncertainty about the revival of a International Monetary Fund The program has caused complex upheaval in the economy and markets amid a political crisis since a new government took over last month from the ousted Prime Minister. Imran Khan. IMF will likely conclude ongoing negotiations in 7th review in Doha.

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