LAHORE: Saudi Arabia will help Pakistan bridge a multibillion dollar gap in its finances linked to an upcoming debt repayment to the UAE.
Riyadh has announced US$3 billion in additional support for Pakistan and extended the rollover arrangement for an extra US$5 billion deposit for a longer period, Pakistan’s 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 US$3 billion deposit with Pakistan to support their balance of payments,” a Saudi ministry of finance spokesperson told Reuters.