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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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