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Al Jazeera
Al Jazeera
World

Pakistan, Saudi Arabia to discuss extending term of $3bn deposit

Pakistan Saudi Arabia Shehbaz Sharif
Saudia Arabia also pledged 'to further enhance the financing of petroleum products' at a time when the South Asian country is suffering from frequent power cuts [Saudi Press Agency via AP Photo]

Saudi Arabia will discuss the option of extending the terms of its $3bn deposit in Pakistan’s central bank to help Islamabad’s faltering economy, according to a joint statement.

In recent years, Saudi Arabia has provided Pakistan with $4.2bn of support in the form of a $3bn loan deposited with the central bank as well as $1.2bn in deferred oil payments to boost its foreign reserves. The cash-strapped nation’s foreign exchange reserves plunged below $11bn last month.

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