Saudi Arabia finalising extension of $3 billion deposit to Pakistan -Finance Minister

div classBodysc17zpet90 cdBBJodivpBy Dmitry Zhdannikovp

pDAVOS Reuters – Saudi Arabia is finalising the extension of the kingdoms 3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed alJadaan told Reuters. pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“We are currently finalising extending the 3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.p

pLast year, Saudi Arabia deposited 3 billion in Pakistans central bank to help support its foreign reserves.p

pJadaan 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 “or through other options.” p

pPakistan is in dire need of external finances, hurt by high inflation, reserves declining to as low as less than two months of imports, and a fastweakening currency.p

pJadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.p

pUncertainty over the revival of an International Monetary Fund programme 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.p

pThe IMF is likely to conclude ongoing talks over a 7th review in Doha.p

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pp Reporting by Dmitry Zhdannikov, Writing by Saeed Azhar Editing by Tomasz Janowskip

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