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On 4 November Pakistan’s finance minister confirmed that Saudi Arabia had rolled over, for an unstated period, the $3 billion deposit that matured on 31 October (Arab News 2026b). The next day Turkey’s parliament ratified the Makkah defence pact linking Riyadh, Islamabad and Ankara (The New Arab 2026). In April the United Arab Emirates had demanded immediate repayment of $3.45 billion (Arab News 2026a). Same borrower, same IMF programme, opposite decisions.
This article argues that Saudi deposits are better read as a strategic retainer than as lending: Riyadh buys security services and diplomatic alignment with money whose maturity is a political variable. It tests that claim against rival explanations and other…