Saudi, Pakistan to discuss possible support for kingdom’s $3 billion deposit

Saudi Crown Prince Mohammed bin Salman satisfies Pakistan’s Prime Minister Shehbaz Sharif on his arrival in Jeddah, Saudi Arabia, April 29, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

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May well 1 (Reuters) – Saudi Arabia and Pakistan will explore the likelihood of supporting the kingdom’s $3 billion deposit in Pakistan’s central financial institution by extending its expression “or as a result of other alternatives,” a joint statement carried by Saudi point out news agency SPA explained on Sunday.

Previous yr, Saudi Arabia deposited $3 billion in Pakistan’s central financial institution to assistance help its international reserves. With a yawning current account deficit and foreign reserves falling to as lower as $10.8 billion, the South Asian nation is in dire want of external funds.

Pakistan also welcomed a Saudi determination to extend an arrangement to finance exports of crude oil products and solutions and oil derivatives, SPA reported.

The assertion came right after a check out by Pakistani Primary Minister Shehbaz Sharif to Saudi Arabia, exactly where he met with Crown Prince Mohammed bin Salman.

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Reporting by Nayera Abdallah Editing by Chris Reese and Daniel Wallis

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