https://arab.news/y9cq3
- Mohammed Al-Jadaan says Pakistan is a key ally and the kingdom will stand behind the South Asian nation
- On May 1, both countries said they would discuss possibility of supporting deposit by extending its term
DAVOS: 抖阴短视频 is finalizing the extension of the kingdom鈥檚 $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed Al-Jadaan told Reuters.
鈥淲e are currently finalizing extending the $3 billion deposit to Pakistan,鈥� he said on the sidelines of the World Economic Forum in Davos.
Saudi Minister of Finance Mohammed Al-Jadaan speaks at the World Economic Forum in Davos, Switzerland, on May 23, 2022. (WEF/File)
Last year, 抖阴短视频 deposited $3 billion in Pakistan鈥檚 central bank to help support its foreign reserves.
Al-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 鈥渙r through other options.鈥�
Pakistan is in dire need of external finances, hurt by high inflation, reserves declining to as low as less than two months鈥� of imports, and a fast-weakening currency.
Al-Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.
Uncertainty over the revival of an International Monetary Fund program 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.