Saudi Arabia to deposit $3 billion in Pakistan central bank
- 10 hours ago
- 1 min read
RIYADH/ISLAMABAD, April 15 - Saudi Arabia will deposit $3 billion into Pakistan's central bank, Pakistani Finance Minister Muhammad Aurangzeb said on Wednesday, providing a significant financial boost as the country's economy faces strain from regional tensions linked to the conflict between the United States and Iran.
Aurangzeb, who is in Washington for meetings of the World Bank and the International Monetary Fund, said the support would strengthen Pakistan's financial position.
A government statement said an existing $5 billion Saudi deposit would no longer be subject to annual rollover and would instead be extended for a longer period.
The move comes as Pakistan seeks to shore up external financing amid heightened regional uncertainty.
Pakistani authorities said earlier this month that the country would return $2 billion deposited by the United Arab Emirates in Pakistan's central bank in 2019.
Saudi financial support has long played an important role in helping Pakistan manage pressure on its foreign reserves and balance of payments.
