KSA bolsters Pakistan’s finances

Saudi Arabia will provide USD3 billion in additional support for Pakistan to help the South Asian nation bridge a multi-billion dollar gap in its finances linked to an upcoming debt repayment to the United Arab Emirates. The extra funding for Pakistan comes on top of Riyadh extending the rollover arrangement for an additional USD5 billion deposit for a longer period, Finance Minister Muhammad Aurangzeb told reporters in Washington. The move underlines a deepening relationship between Riyadh and Islamabad, cemented last year by a mutual defence pact treating aggression against either as an attack on both. “We can confirm that Saudi Arabia has agreed to a USD3 billion deposit with Pakistan to support their balance of payments,” a Saudi Ministry of Finance spokesperson told Reuters.