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

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.

Reporting by Nayera Abdallah Editing by Chris Reese and Daniel Wallis

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