Saudi Arabia and Pakistan will examine the prospect of extending the duration of the kingdom’s $3 billion deposit with Pakistan’s central bank ‘or through other possibilities,’ according to a joint statement released on Sunday by Saudi state news agency SPA.
Saudi Arabia put $3 billion into Pakistan’s central bank last year to boost the country’s foreign reserves. The South Asian nation is in desperate need of external funds, with a huge current account deficit and foreign reserves as low as $10.8 billion.
According to SPA, Pakistan also welcomed Saudi Arabia’s decision to prolong an arrangement to finance crude oil products and oil derivatives exports.
Pakistani Prime Minister Shehbaz Sharif made the statement on a visit to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.
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