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Saudi Arabia agrees to provide Pakistan with additional financial assistance worth USD 3 billion

The move comes as Pakistan prepares for major external repayments and works to strengthen its foreign exchange reserves amid ongoing economic pressure

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Saudi Arabia’s FM Al-Jadaan (C) with Pakistan’s Muhammad Aurangzeb (L) and Governor of the State Bank of Pakistan, Ahmad (R), prior to their meeting in Washington. PIC/AFP

Saudi Arabia’s FM Al-Jadaan (C) with Pakistan’s Muhammad Aurangzeb (L) and Governor of the State Bank of Pakistan, Ahmad (R), prior to their meeting in Washington. PIC/AFP

Saudi Arabia has agreed to provide Pakistan with additional financial assistance worth USD 3 billion, while also extending its earlier USD 5 billion deposit facility for three more years.

According to Finance Minister Muhammad Aurangzeb, the existing deposit arrangement will no longer follow yearly renewal and will instead be extended for a longer duration. He said, “Saudi Arabia has pledged an additional USD 3 billion in deposits for Pakistan and has extended its existing USD 5 billion facility for a further three years,” reported PTI.

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