PARIS, France – Saudi Arabia and Pakistan will discuss the possibility of supporting the kingdom’s $3 billion deposit in Pakistan’s central bank bank by extending its term ‘or through other options’, a joint statement carried by Saudi State News Agency SPA said on Sunday.
Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank help support its foreign reserves. With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, the South Asian nation is in dire need of external finances.
Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives, SPA reported.
The statement came after a visit by Pakistani Prime Minister Shebaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.