Last year, the kingdom deposited $3 billion in Pakistan's central bank to help support its foreign reserves


Davos: Saudi Arabia is finalising the extension of the kingdom's $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.
"We are currently finalising extending the $3 billion deposit to Pakistan," he said on the sidelines of the World Economic Forum in Davos.
Last year, Saudi Arabia deposited $3 billion in Pakistan's central bank to help support its foreign reserves.
Jadaan 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."
Pakistan 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 fast-weakening currency.
Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.
Uncertainty 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.
The IMF is likely to conclude ongoing talks over a 7th review in Doha.
SOURCE: REUTERS

California just showed that a better Democratic Party is possible
- 3 hours ago

Pakistan wins Asian Youth Girls Netball Championship
- 18 minutes ago

Shubman Gill’s record-breaking double century against England
- 2 hours ago

Introducing the 'Bag' Hall of Fame: Eight NFL stars who got PAID, over and over and over again
- 4 hours ago

Why is everyone crashing out?
- 3 hours ago

Heavy rains expected across country from July 6-10
- 12 minutes ago

Russia becomes first country to recognize current Afghan Taliban govt
- 2 hours ago

UFC 317 live analysis and results: Ilia Topuria vs. Charles Oliveira
- 4 hours ago

President Trump calls himself ‘best candidate’ for Nobel Peace Prize
- 2 hours ago

Sources: Dubs tender qualifying offer to Kuminga
- 4 hours ago

What Diddy’s mixed verdict means — for him and for us
- 3 hours ago

Official holidays for Ashura announced
- 2 hours ago