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.<\/p>\n
“We are currently finalising extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.<\/p>\n
Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves.<\/p>\n
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.”<\/p>\n
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.<\/p>\n
Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.<\/p>\n
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.<\/p>\n
The IMF is likely to conclude ongoing talks over a 7th review in Doha.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":8,"featured_media":8384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2,3],"tags":[1247,525,427,4688,160,138],"class_list":["post-8383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-pakistan","category-world","tag-international-monetary-fund","tag-prime-minister-imran-khan","tag-saudi-arabia","tag-world-economic-forum","tag-imf","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/8383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=8383"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/8383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/8384"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=8383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=8383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=8383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}