Saudi Arabia has pledged an additional $3 billion in support for Pakistan as well as extended its existing $5 billion loan for a longer term, Pakistan’s Finance Minister Muhammad Aurangzeb said on Tuesday.
The move is aimed at easing pressure on the country’s external financing needs and strengthening its foreign exchange reserves.
The payment is expected to be disbursed in the coming week, Mr Aurangzeb said during the World Bank-International Monetary Fund Spring Meetings in Washington. The loan is expected to help Pakistan meet its target of building its reserves to $18 billion by the end of the fiscal year, he was quoted as saying in an X post by Pakistan’s Ministry of Finance.
“Saudi Arabia’s timely financial support”…