Saudi, Pakistan to discuss possible support for kingdom's $3 billion deposit

Saudi Crown Prince Mohammed bin Salman meets Pakistan's Prime Minister Shehbaz Sharif upon his arrival in Jeddah, Saudi Arabia
Saudi Crown Prince Mohammed bin Salman meets Pakistan's Prime Minister Shehbaz Sharif upon his arrival in Jeddah, Saudi Arabia, April 29, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

May 1 (Reuters) - Saudi Arabia and Pakistan will discuss the possibility of supporting the kingdom's $3 billion deposit in Pakistan's central bank by extending its term "or through other options," a joint statement carried by Saudi state news agency SPA said on Sunday.

Last year, Saudi Arabia deposited $3 billion in Pakistan's central bank to help support its foreign reserves. With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, the South Asian nation is in dire need of external finances.

Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives, SPA reported.

The statement came after a visit by Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.

Reporting by Nayera Abdallah; Editing by Chris Reese and Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles.

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