Thursday, June 1, 2023

Ishaq Dar requested Saudi Arabia to urgently provide $ 4.2 billion to Pakistan

Finance Minister Ishaq Dar sought $4.2 billion from Saudi Arabia on Thursday after the foreign exchange reserves fell critically low.  

According to sources, the federal finance minister, Ishaq Dar, requested that Saudi Arabia urgently provide a $4.2 billion package to Pakistan.  

Oil and Fertilisers

The government will buy oil and fertilisers worth $1.2 billion from Saudi Arabia on deferred payments, sources said.  

The request has been forwarded to His Excellency Crown Prince Muhammad Bin Salman.  

Foreign Exchange Reserves Fallen

The country’s foreign exchange reserves have fallen to $6.7 billion for the first time since January 2019. It is not enough to meet the $8.8 billion in principal and interest payments during the current fiscal year.

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