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Saudi Arabia discusses augmenting $3bn deposit in Pakistan’s central bank
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RIYADH, 02 May 2022, (TON): According to a joint statement issued at the conclusion of Prime Minister Shehbaz Sharif’s three-day visit to the Kingdom “Saudi Arabia has discussed enhancing its $3 billion deposit in Pakistan’s central bank through term extension or otherwise.”
Sharif arrived in Saudi Arabia on his first official foreign trip since assuming office on April 11. He met Saudi Crown Prince Mohammed bin Salman at the Al-Salam Palace in Jeddah.
According to the joint statement, “their talks revolved around enhancing bilateral trade, investment and encouraging cooperation between the private sector in both countries, among other issues.”
Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves last year. The South Asian nation’s financial situation has not improved since then, and it still requires external finances due to its widening current account deficit and declining foreign exchange reserves.
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