Tuesday, May 30, 2023

Saudi Arabia Vows to Help Pakistan’s Finances ‘As Much As It Can’

Saudi Arabia will help and support Pakistan’s finances as it looks to help shore up alliances with countries struggling due to soaring inflation.

The KSA has taken several steps to provide financial support to Pakistan in a bid to bolster its relationships as the cash-strapped nation desperately seeks support from international partners.

The finance minister also shared that Riyadh was also looking to do more investments in Egypt and is planning to start doing deals in Turkey.

Saudia Arabia extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming the economic repercussions of the cataclysmic floods.

Key Points:-

  • Saudi finance minister says the kingdom will help Pakistan’s finances.
  • Reserves fall below $7bn for the first time since Jan 2019.
  • Earlier this month, Saudia Arabia extended the term of the $3bn deposit.

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