DEVOS: Saudi Arabia completes extension of Kingdom’s $3 billion contribution to Pakistan, Saudi minister says of This was reported to Reuters by Finance Minister Mohammed al-Jadaan.
“We currently completes a $3 billion deposit expansion in Pakistan,” he said. on aside of World Economic Forum in Davos.
Saudi Arabia invested $3 billion last year in National Bank of Pakistan in help support their foreign exchange reserves.
Jadaan didn’t give details, but on May 1 together countries said in joint statement that they will discuss the possibility of supporting deposit, extending it term or through other options”.
Pakistan in horrible need of external finances affected by high inflation, reserves declining no more than two months of import and fast- weakening of the currency.
Jadaan said Pakistan is an important ally and the kingdom will stand. behind the country.
Uncertainty over revival of International Monetary Fund program exacerbated volatility in in economy and markets in a political crisis with new government took over last month from exile prime minister Imran Khan.
IMF likely to complete ongoing negotiations over Seventh review in Doha.
