Saudi Arabia plans to renew its $3bn deposit to Pakistan

MG News | August 14, 2022 at 03:13 PM GMT+05:00

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August 14, 2022 (MLN): Saudi Arabia is planning to renew $3 billion deposit in assistance to Pakistan, Bloomberg reported on Saturday.

The Saudi Finance Ministry plans to renew its $3 billion deposit with the State Bank of Pakistan (SBP) as soon as this week, the people familiar with the matter said, asking not to be identified as discussing private deliberations, it added.

The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support.

The commitment can be announced within the next two days, said one of the people.

Representatives for Saudi Arabia and Pakistan’s Finance Ministry didn’t immediately respond to messages seeking comment.

To note, this development, during the crucial time when Pakistan is in dire need of a foreign exchange, will pave the way for IMF’s board approval at the end of August 2022.

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