Saudi Arabia will provide $3 billion in additional financial support to Pakistan to help it bridge a funding gap linked to an upcoming debt repayment to the United Arab Emirates.
Pakistan’s Finance Minister Muhammad Aurangzeb said the funding comes alongside Riyadh’s decision to extend the rollover of a separate $5 billion deposit for a longer period.
A Saudi Ministry of Finance spokesperson confirmed the move, saying the deposit would support Pakistan’s balance of payments.
Pakistan faces a $3.5 billion repayment to the UAE this month, placing strain on its foreign exchange reserves, which stood at about $16.4 billion as of March 27.
The repayment amounts to roughly 18% of those reserves.
Under its $7 billion programme with the…